St. Petersburg, FL (November 9, 2012) – A total of 87 innovators from PSCU and its Member-Owner credit unions competed in the CUSO’s first-ever innovation summit called KnockOut 2012. When the digital dust settled, two teams of innovators, one from Teachers Credit Union and the other from PSCU, were named co-champions of the event. KnockOut was held on October 19-20 at PSCU’s St. Petersburg, FL headquarters. The competitive event showcased the cooperative spirit of credit unions and their commitment to the value of collaboration in developing new solutions and services that can enrich the lives of credit union members.
“Collaborative innovation is how today’s credit union leaders will ensure their ongoing relevance, growth and prosperity,” said Michael Kelly, PSCU President and CEO. “PSCU’s Member-Owner credit unions demonstrated that great ideas are everywhere in their organizations. It was truly amazing to watch these teams define and solve problems in a high-energy format designed to promote and reward teamwork.”
Three teams of innovators were selected as semifinalists by a panel of judges that included representatives from Google Wallet and MasterCard. The three semifinalists included:
- Team Formula 501, from Teachers Credit Union
- Team MōNation, from PSCU's Total Member Care™ division
- Team Revelation, from the collaboration of Interra Credit Union and Finance Center Federal Credit Union
The ideas presented all demonstrated an unwavering determination to help credit unions more effectively engage members and optimize payments revenue.
Employees from the credit unions participating in the KnockOut as well as employees of PSCU were given the opportunity to vote for the grand prize-winning team across several categories including feasibility, ease of implementation, market fit and growth potential.
“KnockOut was an awesome event!” said Donna Terman, KnockOut judge and Group Head of Innovation Management for MasterCard Labs. “I was so impressed with the energy and commitment. You can tell that across the organization they’re really thoughtful about solutions for their customers and the credit unions’ members.”
The KnockOut was open to all PSCU employees and employees of the CUSO’s Member-Owner credit unions. KnockOut organizers also arranged for competing teams to participate remotely.
Member-Owner credit unions that participated included Community First Credit Union of Florida, Finance Center Federal Credit Union, First Tech Federal Credit Union, Interra Credit Union, State Department Federal Credit Union, Teachers Credit Union and Texas Dow Employees Credit Union.
PSCU’s product innovation team has already initiated the process to formally develop and launch the winning concepts to help credit unions more effectively engage members, build loyalty and grow. In addition, each of finalist teams will be invited to the MōPRO 2013 Member Forum as special guests of PSCU. They will be acknowledged for their epic efforts towards driving innovation in our market.
Established in 1977, PSCU (St. Petersburg, Fla.) is the nation's leading credit union service organization (CUSO) and serves more than 1,500 financial institutions nationwide. The company is owned by nearly 700 member credit unions representing 16 million credit, debit, prepaid, online bill payment, mobile and electronic banking accounts. Comprehensive 24/7/365 member support is delivered through four Contact Centers located throughout the United States that handle more than 18 million inquiries a year.PSCU’s MōPRO initiative marries emerging technologies with proven strategies and empowers the CUSO to lead the industry in developing innovative payments solutions. This new culture of engagement, agility and energy can enhance both revenue and market share for Member-Owner credit unions. For more information, visit the PSCU website at www.pscu.com.