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CUA partners with US fintech Pivotus Ventures to trial new banking app

US fintech company Pivotus Ventures has announced the addition of Credit Union Australia (CUA) to the firm’s international banking collaborative group, which will see CUA customers given access to Pivotus’ new banking platform.

Pivotus, a subsidiary of Oregon-based financial firm Umpqua Holdings Corporation, was formed two years ago to develop and trial innovative technologies to enhance the digital banking experience.

The company’s new digital banking platform, which is currently undergoing trials, offers customers an “unparalleled level” of human service, according to Pivotus.

Meshing artificial intelligence with traditional human customer service, the platform, which will become available through a phone app, will offer users features such as Facetime customer service calls.

Intended to begin rollout to financial institutions across the globe from early next year, CUA will become one of four other companies to test the platform, offering the pilot to CUA customers.

With CUA the second organisation to join the collaborative group this month, joining the ranks of Umpqua Bank and the Nationwide Building Society UK, Pivotus CEO, Ray Davis, said the business is now well positioned to roll out its solution globally.

“The addition of CUA extends our inaugural pilot project across three continents, closes out first-phase collaborative recruitment, and positions the Pivotus digital platform for a successful and widespread public launch next year,” he said.

As a group member, CUA will also assist in the development of the new platform before it becomes available on the market.

Initially owned by Pivotus’ parent company Umpqua, the technology will later become available for CUA to commercialise in Australia and New Zealand, giving it the ability to sell the platform to other local banks.

Speaking about the partnership, CUA CEO, Rob Goudswaard said it aligns with the credit union’s strategy to expand its offering for its members.

“We have a unique opportunity here to help CUA stand apart from the competition and to grow our business,” he said.

“In addition to the international expertise that this collaboration will bring to Australia, CUA has an opportunity to innovate faster, cheaper and at a greater scale than if we go it alone. This allows us to bring new digital services to members more quickly.”

Growing its member’s digital experience has been a focus for CUA in recent months.

June saw CUA cardholders gain access to Samsung Pay, after Samsung formed a partnership with payments provider Cusca to enable the payment functionality for 1.7 million Australian cardholders, including Beyond Bank Australia and Australian Unity customers.

Looking to bolster digital security, earlier this month saw CUA adopt Australia Post’s digital ID pass system.

The system allows users to easily verify their age or identity when completing tasks such as applying for a new bank account, without the need for multiple forms of identifications or remembering passwords.

Image: Rob Goudswaard. Source: Courier Mail.





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