BELFAST, Ireland–A new app has been launched in Ireland for credit union members in the country that offers a number of new features, including online money transfers and loan applications.
The app has been launched by Wellington IT, which provides software to credit unions in Ireland, and is the culmination of a multi-year investment program designed to allow the Emerald Isle’s 3.6-million CU members to easily manage their finances on the go, according to SiliconRepublic.com.
“The CuMobile app was built specifically to support the credit union sector as it aims to take on traditional banks and fintech companies,” SiliconRepublic.com reported. “The app uses features such as biometric login through facial recognition or fingerprint to provide a simple and secure experience for members.”
Conor Ralph, marketing officer at Dublin’s Member First Credit Union, told Siliconrepublic.com that the new app is a
“massive step forward for the digital experience we provide to our members. It gives members a user-friendly way to do everything you would expect from a banking app on your phone, including fund transfers, statement downloads and even full loan applications.”
Reduced Application Times
According to the company, in-branch loan applications are reduced from 20 minutes to approximately five minutes with the app, allowing credit unions to expand their loan books. The new app uses ID verification technology to allow new members to join within a day, SiliconRepublic.com reported.
“There has been a big push from the credit union sector in recent years to compete directly with banks and fintech companies,” said Declan Colfer, managing director with Wellington IT. “At the same time, consumers are demanding products that offer efficiency and convenience, with Covid-19 further increasing the demand for online services.
“As a result, the credit union sector is digitizing at a rapid pace and CuMobile is a significant facilitator of this,” Colfer continued. “By enabling credit unions to offer members access to their full range of services – such as managing payees, applying for a loan and setting up direct debits – via one app, CuMobile streamlines banking and gives participating credit unions a huge competitive advantage.”