MADISON, Wis.—The World Council of Credit Unions’ (WOCCU) is reporting its Hub C Innovation-as-a-Service online marketplace is now open to additional credit unions, credit union associations and credit union federations in Latin America and the Caribbean (LAC).
As CUToday.info previously reported, the expansion comes upon completion of a successful launch that allowed credit unions affiliated with Asociación de Instituciones Rurales de Ahorro y Crédito, Inc. (AIRAC), WOCCU’s direct member in the Dominican Republic, to explore the marketplace for a period of one month.
According to WOCCU, the Hub C Innovation-as-a-Service online marketplace, built in partnership with FinConecta, allows credit unions to test potential solutions for automating their processes and offering digital services, without having to make changes to their core banking systems.
Set up as a sandbox environment, the marketplace also allows credit unions to experiment and test those solutions to “find the right fintech provider for them,” WOCCU added.
‘Excited About Potential’
“We are excited about the potential of the Hub C platform to connect credit unions to fintech solutions and move toward robust, cyber-ready and agile systems that allow them offer digital lending, AI-enabled customer engagement and other products services to their members,” said Angelina Tracy, WOCCU VP of Strategic Growth and Partnerships. “We are seeking the next cohort of credit union champions in the LAC region to come on the digital transformation journey with us.”
WOCCU said Space for the next cohort of credit unions to use Hub C is limited, and it is encouraging any LAC credit unions, associations or federations interested in the Hub C Innovation-as-a-Service online marketplace to contact it at hubc@woccu.org by March 22nd.
Partnership With CB Cooperativa
Originally launched in January to “put WOCCU on an accelerated path toward achieving its Challenge 2025 goals,” the organization said HUB C is also partnering with CB Cooperativa, a credit union in Ecuador, on piloting the development of an AI-enabled credit scoring algorithm to automate lending and create customer profiles that could drastically expand lending to specific segments of both new and repeat customers.
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