CCU Named National Champion in Innovation Competition
Waukegan, IL, October 28, 2014: For the second time in as many months, Consumers Credit Union (CCU; $610 M. Waukegan, IL) has earned national recognition for product and service innovation. This time, the Member-owned credit union was crowned National Champion, claiming first prize at the third annual "KnockOut" competition hosted by PSCU, a leading credit union service organization. KnockOut is an innovative team event that allows credit unions to come together to create breakthrough ideas in an atmosphere of cooperation and collaboration.
The winning concept was developed by Team Tech Attack, a group of four CCU employees from different areas of the credit union. The team included Bonny Thomas, VISA Director, Katherine McCabe, Director of Web & Mobile, Maria Contreras, Marketing Manager and Daniel Kristiansen, Solutions Architect in CCU's Technology Department. Team Tech Attack's concept identified a gap between the mobile channel and credit card balance activity. Team Tech Attack was able to create a solution that bridges this gap all the while protecting Members information.
The end-product of this integration of technology and user functionality is an innovative solution aimed at providing a convenient user experience while safeguarding the end-user's account information. The concept was born and developed in just 24 hours, with the goal of meeting credit union Members' evolving purchasing habits while solving such important issues as data security. According to PSCU, the winning idea could be brought to market to benefit credit unions and their Members as soon as next year.
"I could not be more proud of the effort put in by our outstanding KnockOut team," beamed Sean M. Rathjen, CCU President. "Their solution reflects a deep understanding of how consumer needs can be combined with cutting edge technology to create a practical, easy to use solution. Everyone wins with this new app: consumers, because they have a convenient new way to save money; credit unions, because this app provides a competitive edge; and, credit card companies, because their product will remain top-of-mind for cardholders. Simply put, this is outstanding!"
At this year's KnockOut, participants were grouped into 28 teams with 150 competitors from 11 credit unions. The competition was held at three PSCU locations and in Hawaii, as the teams raced against the clock to develop concepts that demonstrated function, feasibility, industry impact, time to market, cost and return on investment.
Prior to the winning team's selection, six semi-finalists were chosen by an esteemed group of judges after teams from PSCU and its Member-Owner credit unions completed and presented their ideas. Judges included executives from a variety of financial services industry leaders, including PSCU, PayPal, Visa, First Data, Filene Research Institute and Connect Financial Software Solutions. Once the semi-finalists were selected, credit unions in the PSCU network and their employees had one week to cast their votes and select a winner.
In the spirit of innovation that KnockOut seeks to inspire, PSCU implemented digital sharing tools and video to synchronize the event across all four locations and enable a simultaneous experience for all participants. Cameras were placed throughout each location and provided around-the-clock live streaming, so viewers and participants could tune in to the excitement and follow progress in real-time on the KnockOut website. Attendees could also connect with participants at all four locations, following the schedule and tracking updates by using the KnockOut event app.
A picture of Team Teach Attack is attached. Pictured from left to right are Katherine McCabe, Director of Web & Mobile; Maria Contreras, Marketing Manager; Bonny Thomas, VISA Director; and, Daniel Kristiansen, Solutions Architect. For more information about the award, please contact Sean Rathjen, President/CEO, at 847.782.4670. Consumers Credit Union is Member-owned with offices in Waukegan, Mundelein, Round Lake Beach, Gurnee, North Waukegan and now in Volo . . . and online at www.myconsumers.org.