Credit union shows true innovation
Synergy Credit Union has been awarded with the Best Innovation Project award for its personal lending automation platform.
The win was announced at the All-Ireland CU Awards which took place in Dublin last Saturday 21 October.
The personal lending automation platform was launched in December 2022 and since then nearly 50% of loan applications at Synergy Credit Union have been decided on the same day that they are submitted.
The award-winning platform analyses previous lending decisions and performance to determine an approval probability score, which is one of the four pillars of the loan assessment process.
Following the announcement of the win, CEO of Synergy Credit Union Martina Cotter said: “We are privileged and proud to be part of a fantastic collaboration between 16 forward-thinking and innovative credit unions and are very proud of the achievements of the personal lending automation platform to date.”
Credit union members can apply for loans through various channels, including online, via the mobile app, or in-branch.
Thanks to the addition of open banking consent, loan decisions are now reached in just minutes, offering members a swift and efficient lending experience.
Talking about the members, Martina Cotter said: “We extend our heartfelt gratitude to our members for their continued support and trust in our services. Their loyalty is the fuel that drives our continuous quest for innovation and excellence, ultimately serving our community with the best possible financial solutions.”