One of Scotland’s leading tech entrepreneurs has launched a new company to help credit unions compete with banks for customers.
CU Soar has been set up by Andrew Duncan, founder of the award winning Glasgow based mobile and web technology business SwarmOnline and co-owner of upmarket café/deli Peckhams.
He said: “CU Soar, backed by SwarmOnline’s technical expertise, has the potential to be transformative for credit unions as they seek to attract millennials and the iGeneration, grow their loan books and increase member engagement. There are over 400 credit unions in the UK alone and the mobile tech sector has, to date, largely ignored them as potential customers.
“Mobile technology has brought about irreversible changes to the way financial services providers market themselves and communicate with customers. Our app will allow credit unions a cost effective way of mounting a real tech challenge to traditional banks in the way they engage with their members.”
CU Soar has developed an app that works across any banking platform and is a subscription-based product with credit unions avoiding up front development costs normally associated with similar apps.
Dermot O'Neill, Chief Executive of the Scottish League of Credit Unions, said: “I very much welcome this initiative from CU Soar. Our member Credit Unions can now make use of the latest technical products available to attract and retain a younger generation of members. This is an important development for credit unions as we aim to compete innovatively and sustainably in the crowded financial services marketplace. I look forward to working with CU Soar going forward.”
Duncan claims that CU Soar has the potential to disrupt the fintech market and will help credit unions compete with Google and Apple Pay. Features of the new product enable credit unions to lead meaningful engagement with their members over and above delivering core transactional services like share and loan balance views, such as driving tailored, life-stage focused communications to keep their attention and their business.
He added: “There is a huge untapped market throughout the UK and internationally with few credit unions having already adopted the latest mobile technology. We are offering cutting edge tech to help them grow.”