ROCKY HILL, Conn.–Connecticut has been ranked fourth among states for being innovative in a new analysis, and one credit union here said it has looked to be among the innovation leaders in the state.
Bloomberg’s latest U.S. State Innovation Index ranked the most “innovative economies” among U.S. states, with California, Massachusetts and Washington, Connecticut, and Maryland listed as the top five. The rankings are based on six equally-weighted metrics: research and development intensity, productivity, clusters of companies in technology, “STEM” jobs, populous with degrees in science and engineering disciplines, and patent activity.
The Bloomberg report can be found here.
Nutmeg State Financial Credit Union reported it has worked to be an innovation leader, noting that in just one year, it has acquired a leading technology company, launched two DMV Express locations, and introduced self-service kiosks to offer a more efficient banking experience.
“We have always been dedicated to providing exceptional service for our members,” said John Holt, president and CEO of Nutmeg. “As the industry changed, we knew that technology would be the next step to making our services even easier and more convenient.”
Nutmeg State Financial reported it updated its core solution in in 2016 and has since automated a number of functions, including e-banking, a mobile services app, and the self-service kiosks.
“The user-centric experience offered by these machines was designed entirely in-house—a first for local credit unions,” the credit union said.
Since its designation as a Small Business Administration lender in 2018, the credit union said it has also brought new tech offerings to its offerings for businesses, including an online commercial loan application.
DMV Offices Inside CU
One addition, as CUToday.info reported earlier, Nutmeg has developed technology in conjunction with the State of Connecticut’s Department of Motor Vehicles that has allowed for the opening of two DMV Express locations inside its branches, where residents can renew or replace their driver’s license with an average wait time of only 10 minutes—"a service made possible with new technology developed by Nutmeg,” the credit union said.
“Our partnership with the DMV has been mutually beneficial,” said Holt. “At our shared-space locations, we can offer our products and services to an all-new customer base of guests visiting for the DMV Express. I’m very happy to report that these locations have seen great success since they’ve opened.”
Tech Company Now CUSO
The credit union said much of its recent technology advancements have come as a result of their 2018 purchase of DaLand Solutions, a provider of technology and professional services to credit unions nationwide. As Nutmeg’s subsidiary, DaLand now operates entirely as a CUSO to provide credit unions with innovative tech improvements, platform conversion plans and more.
“Our vision for the future is to be even more aggressive in pursuing a wide range of technology initiatives,” said Holt. “As we become an even bigger influence in the national financial services marketplace, we are excited to make a positive impact on Connecticut’s economy.”