CHELSEA, Mich. –Mahalo Banking, a provider of digital banking services, said it is ahead of schedule on its 2020 goal to go live with one new credit union every month.
Mahalo reported it currently only has one live credit union on its platform, but its goal is to finish 2020 with 13 live credit unions, a 1,200% increase.
CEO Alan Augustine emphasized the company, a fintech founded by former CU technology professionals, has many more credit unions in the pipeline but it is working to ensure it doesn’t grow too large, too fast.
“We’re focused on building a product that doesn’t turn into a legacy system in 10 years,” said Augustine. “We’re getting a lot of business from credit unions that are giving up on our competitors because they aren’t upgrading, aren’t making digital banking seamless between online and mobile, don’t take a core-centric approach, and basically are not doing the things credit unions need to remain relevant. We refuse to suffer the same fate.”
To that end, Augustine said the system’s open architecture provides complete customization for credit unions, which requires a deep integration to whichever core a credit union is currently using or planning to convert to. Mahalo’s 11 signed credit unions run on five different core systems, which Augustine said demonstrates the system is core independent.
“We want all credit unions to have access to great technology,” he said. “And we’re going to do that by setting the standard for digital banking with top-end technology, a credit union service philosophy and appropriate pricing.”
According to Mahalo, its ongoing success also depends on its team, with the team that’s been recruited knowing not just technology but also sharing a dedication to growing the credit union system in a meaningful way.
“We’re in this to contribute a positive impact to the credit union movement over the long haul,” Augustine said. “We want every deployment to be a home run and be the sales platform for the future.”