Bishopstown Credit Union becomes latest credit union to digitise with #OnlineBanking app, and more

13 October 2020
By Elaine Murphy
elaine@TheCork.ie

In my personal opinion in recent years many people have used credit unions to save, because it is so hard to withdraw money! as it must be done in person, during opening hours. Meanwhile, Ireland’s commercial banks (unrelated to credit unions) have had online banking for many years, every credit union is separate and many had poor online interfaces, but slowly Credit Unions are catching up, and have set a target of 2025 to be digital.

Here in Cork; Wellington IT, the Irish technology partner to the credit union sector, has now announced a new five-year technology partnership with Bishopstown Credit Union, to help it automate and digitise its business so it can grow faster and increase staff productivity. Wellington IT’s customer banking app, cuMobile, will also be made available to Bishopstown Credit Union’s 25,000 members to improve the convenience with which they manage their finances.

Raymund O’Connor, Vice Chairman, Bishopstown Credit Union; Danny O’Donoghue, IT Manager, Bishopstown Credit Union; Philip Hosford, incoming CEO, Bishopstown Credit Union; Declan Colfer, CEO, Wellington IT

The system will help Bishopstown Credit Union in its effort to meet the World Council of Credit Unions’ goal to fully digitise by 2025 by providing a full range of online and mobile member services.

Wellington IT’s Scion software is the basis of the solution – which has automation and business intelligence at its core – so that Bishopstown Credit Union can better manage functions such as credit control, lending, operations and membership. Through over 150 pre-built reports, charts and dashboards, its team can make better and faster data driven business decisions.

Additionally, Wellington IT’s Revolving Credit application gives members fast access to loans while also reducing the administrative burden on staff. Currently, the credit union has a €30m loan book, but it is expected that this will increase as a result of making it easier for customers to apply for loans.

Wellington IT’s cuMobile full-service banking app will offer members 24/7 access to their accounts so that they can fully manage their finances without having to visit the credit union. The cuMobile app was designed by Wellington IT to help the credit union sector compete more effectively with banks and emerging digital fintech companies.

Danny O’Donoghue, IT Manager of Bishopstown Credit Union said:

“The Wellington IT system gives us an edge when it comes to both member services and efficient operations. We know that our members want the highest levels of convenience, accessibility and efficiency when it comes to managing their finances. The cuMobile customer banking app will allow us to better serve our members and give us a significant edge when it comes to competing with traditional banks.

“From an operations viewpoint, enhanced automation and the ability to gain a holistic view of our 25,000 customers is essential to enabling us to reduce risk and cut overheads. We estimate that two members of our staff will be freed-up each week to carry out other value creating activities.

“We looked at proposals from a number of providers. Wellington IT stood out because its online offering was streets ahead of the competition and its plans for the future development of the application are impressive. We also liked the fact that Wellington IT will host all systems and will take responsibility for managing the hardware. We expect to earn a full return on our investment within just 18 months.”

Declan Colfer, Managing Director, Wellington IT said:

“Bishopstown Credit Union is renowned for its exceptional personal service for members. We are delighted to help future-proof the service by delivering digital self-service capabilities that will make its members’ lives better. Today, seven of the top 10 Irish credit unions use Wellington IT’s systems which are custom designed for the sector. We are delighted to add Bishopstown to our customer base and look forward to helping it to grow its business by offering the most convenient overall banking experience to members.”

Raymund O’Connor, Vice-Chairman, Bishopstown Credit Union; Declan Colfer, CEO, Wellington IT; Danny O’Donoghue, IT Manager, Bishopstown Credit Union; Philip Hosford, incoming CEO, Bishopstown Credit Union
Raymund O’Connor, Vice-Chairman, Bishopstown Credit Union; Declan Colfer, CEO, Wellington IT; Danny O’Donoghue, IT Manager, Bishopstown Credit Union; Philip Hosford, incoming CEO, Bishopstown Credit Union
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