NEWPORT BEACH, Calif. – NetGiver has been named the winner NACUSO’s Next Big Idea 2020 competition.
NetGiver was selected from four finalists and has won $7,500 in prize money provided by CO-OP Financial Services. Posh Technologies finished in second place, earning $2,500, also provided by CO-OP.
The Final Four and their ideas included:
- NetGiver (www.netgiverapp.com). NetGiver eliminates credit card, platform and administrative fees associated with charitable transactions and the charity gets 100% of what credit union members donate. “Provided to credit union members as a mobile app, NetGiver is a unique acquisition and retention tool which delivers a branded, feel-good experience by simply and securely facilitating donations to a member’s preferred nonprofit organizations,” NACUSO said. Minnesota-based NetGiver was developed through a partnership between venture studio DNT BLNK and SPIRE CU.
- Posh Technologies (www.posh.tech). Boston-based Posh has “built a powerful conversational AI platform that is more humanlike and natural,” NACUSO said. “The platform is designed such that it can integrate seamlessly with credit union backend tools, from banking cores to customer relationship management systems.”
- Illuma Labs (www.Illuma-labs.com). Plano, Texas-based “Illuma Shield” is a real-time voice authentication and fraud prevention service for credit union call centers. “Replacing traditional and intrusive authentication processes like knowledge-based authentication (i.e., mother’s maiden name, etc.), Illuma Shield passively analyzes the member’s voice over natural conversation and results in higher authentication accuracy in a fraction of the time” NACUSO said.
- Pure IT Credit Union Services (https://pureitcuso.com). Cypress, Texas-based Pure IT offers customized strategic roadmaps ahead to help the credit union crush their goals, regardless of what solution or gadget they implement. Pure IT services credit unions needing an objective blueprint that outlines where their current strategy is now, and where they want to grow.
The Judges
Judging of NACUSO’s Next Big Idea competition was led by moderator Guy Messick of Messick Lauer & Smith P.C. The four judges included:
- Sarah Canepa Bang, recipient of the Herb Wegner Award for Individual Achievement in 2013
- Bruce Dragt, chief product officer with CO-OP Financial Services
- Kris Kovacs, founder of Constellation and the winner of the 2017 NBI competition.
- Bolun Li, founder of Zogo Finance and the winner of the 2019 NBI competition.
“We are energized by the growing boldness for innovation that’s emerging within the movement,” said Dragt. “By providing this platform for big thinkers in our industry, NACUSO is nurturing ingenuity that puts people first. We congratulate not only the two organizations that came away with cash prizes, but all of the entrants in NACUSO Next Big Idea 2020.”
The Criteria
According to NACUSO, criteria for the Next Big Idea are initiatives to improve earnings, enhance member service, deliver new products and services to members and improve delivery channels to members. The innovations can be at various stages of development, including early stage and in need of investment, ready to be delivered or already in motion and are growing and changing the industry, NACUSO said.
“We thank CO-OP once again for their continued support of NACUSO, and the Next Big Idea 2020 competition in particular,” said Jack Antonini, CEO of NACUSO. “The cash prizes – the first time they have been offered – no doubt played a role in the record number of entries we received.”