New advances in member services and compliance mean Wellington IT Credit Unions can provide a modern member experience, compete against traditional banks, grow their loan book, and expand their membership. These are the latest ways your Credit Union can benefit:
1. Making it easier for your members to access their online accounts with Touch ID
Our new mobile and online login feature allows members to access accounts using fingerprint readers on their phones or tablets. Health Services Staffs Credit Union have been using Touch ID login with lots of positive feedback from members on ease of use.
2. Extending your product portfolio with home loans
To support Credit Unions with longer term lending options to improve income generated, Credit Unions now have the ability within their Wellington IT system to provide mortgages to their members. The new member home loan program aligns with compliance standards outlined by the Central Bank of Ireland, and we have been consulting with several Credit Unions to make sure that your needs are met. Credit Unions will be able to process an application through a specific home loan application form, letter of offer and European Standard Information Sheet (ESIS). There is an ability to capture more information and produce documentation at different stages of the home loan process. This is supported by other processes such as stage drawdown, account management, credit control, interest rate changes and Annual Percentage Rate of Charge (APRC). The pilot Credit Unions have already been issuing home loans to support them with their loan growth targets.
3. Improving operations and member experience with self-service
Credit Unions who have provided self-serve functionality through online services and self-serve machines in branch or in the community have been able to provide a more flexible customer experience whilst increasing the efficiency of their day to day operations, which is having a positive impact on expenditure. To improve the member experience and free up counter staff time even more, Credit Unions with kiosks will be able to offer members much more self-service functionality including:
- New and improved user interface which is customisable for the Credit Union
- Lodge cheques (previously just cash lodgements)
- Withdraw cash
- Access via their fingerprint so no need to remember passwords
- Allow member to order a statement
- Printing to a visual savings card
4. Meeting demands of regulatory bodies
- UK Credit Unions can provide a snapshot of Single Customer View submissions which is required by the FCA and PRA. The reconciliation process has been improved, making it easier to match back to other reports and the main file itself from the snapshot.
- Credit Unions in Ireland will be subject to the introduction of a Central Credit Register (CCR) by the Central Bank of Ireland (CBI) and their partner CRIF (a leading provider of credit information systems in Europe). Stage one of the CCR Submission process is currently in testing, and is being rolled out to pilot sites. Data submissions by lenders for Phase 1 will commence from 30 June 2017 with all lenders required to submit data by 31 December 2017. The ability for retroactive reporting is being included, so you can backdate to June 2017 in line with CCR demands.
- EU Directive 2015 / 849 also known as the '4th AML Directive’ is required to transposed Irish Law by 26 June 2017. One of the significant changes is the extension of the obligations that previously existed in relation to politically exposed persons (‘PEP’), their known associates and family, outside the State to similar people inside the State. Wellington IT have partnered with world class provider Dow Jones to offer an integrated PEP database to our customers. This database offers comprehensive domestic and international PEP profiles, meaning you can remain compliant with the 4th AML Directive.
Sometimes, it can seem as if there’s no let-up in the changes to the compliance landscape. We also have information on other compliance topics like AnaCredit, EU 2016/679: General Data Protection Regulation (GDPR) and WannaCry & Ransomware. For more information on these areas download the latest version of the Wellington IT Compliance Update.
5. Keeping your members secure online
Members want to set up payees online easily and securely. To improve member experience and enhance security we have added a new service so that members can add a new Payee to their online Credit Union account securely. Members are now advised that additional authorisation is needed and they will be sent a One-Time Password by text to their phone.