University of Louisiana FCU Wins KnockOut 2017 - FINANCIAL-24 - FINANCIAL-24, we has prepared this article well for you to read and retrieve information in it. Okay, happy reading.

University of Louisiana FCU Wins KnockOut 2017 - FINANCIAL-24

Team Cajun Power from University of Louisiana Federal Credit Union has been selected as the winner of KnockOut 2017. This 24-hour collaboration event is hosted by PSCU with a goal of helping solve a problem in the payments industry that will allow credit unions to better serve their members. The winning idea from Team Cajun Power is an instant online loan decisioning and funding app that can simplify the credit union lending process. Team Cajun Power includes University of Louisiana Federal Credit Union employees Kimberly Congdon, Heather DeValcourt, Carmen Guilbeaux and Donna Robin and Gary Austin from PSCU.

“The inspiration for the winning idea was derived from the need to help our members with their small loan financing by avoiding high-interest rate retail point-of-purchase financing or payday lenders. Our community also experienced a major flood recently, and this idea will assist members with their financing needs when disasters occur, and they are unable to visit a branch,” said Heather DeValcourt, Marketing Specialist with University of Louisiana Federal Credit Union.

Following 24 hours of ideation, a total of 18 competing teams presented their ideas to a panel of judges comprised of representatives from PSCU, Apple, Projekt 202, First Data, CFE Federal Credit Union, Oceanit and the Hawaii Credit Union League. Five finalists were selected. The finalists’ videos were then uploaded to the KnockOut website for voting. Following a thorough evaluation by PSCU’s product development team, the winning idea could be launched in the market to benefit PSCU credit unions and their members.

“KnockOut enables us to collaborate with our Member-Owner credit unions to enable growth and provide an unparalleled member experience,” said Chuck Fagan, PSCU CEO and President. “We want to congratulate all of the teams that competed in KnockOut 2017. We look forward to working with Team Cajun Power to bring its winning idea to market to benefit credit unions across the country, making is easier and faster for members to use technology to get instant funding for their needs.”

According to Team Cajun Power, instant loan decisioning and funding addresses a need from the perspective of credit unions and members. It allows credit unions to change the landscape of traditional and online lending by competing real-time for loans, grow their loan portfolio, and increase income. Members benefit from saving money and time when credit unions can provide them with on-demand funds, 24/7. “We think the idea resonated with the judges and voters because it can be utilized by any credit union regardless of its membership or asset size. It also allows additional collaboration with existing PSCU technologies and vendor partnerships,” added DeValcourt.

Founded in 1958, University of Louisiana Federal Credit Union provides banking services to University of Louisiana at Lafayette and South Louisiana Community College employees, students, and their families and UL Lafayette Alumni Association members. For more information, visit www.ulfcu.com.

Established in 1977, PSCU (St. Petersburg, Fla.) is the nation's leading credit union service organization (CUSO). The cooperative is owned by over 800 member credit unions representing more than 18.9 million credit, debit, prepaid, online bill payment and mobile accounts. For more information, visit www.pscu.com.

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