CUA partners with international banking innovator

Credit Union Australia is looking to ramp up its digital banking experience through a partnership with US-based Pivotus Ventures.

Born out of Portland, Oregon-based Umpqua Holdings Corporation (UMPQ), the Silicon Valley-based Pivotus Ventures will use a “unique collaborative model” to bring global leaders both inside and outside of the financial services industry together to promote innovation in banking.

CUA will represent Australia in the global collaboration, joining Nationwide in the United Kingdom; Umpqua in the US; and De Volksbank, the fourth largest bank in the Netherlands.

CUA said that the move will give the group access to international expertise in the fields of banking and technology while developing new opportunities in digital banking.

The lender will also have exclusive rights to test these digital banking propositions in Australia, with the potential to offer them as solutions to other financial institutions.

CUA CEO Rob Goudswaard said: “Leveraging this international expertise gives CUA an opportunity to innovate faster, cheaper and at a greater scale than if we go [at] it alone. This allows us to bring new services to members more quickly.

“This is a significant milestone for CUA and our members, as it gives us a seat at the table alongside other banking organisations already collaborating through Pivotus Ventures.”

Previous Umpqua ventures have included "App Walls", large-format interactive devices in Umpqua stores that promote bank products, services and apps; "The President’s Phone", a service that provides customers with a direct connection to leaders (including the CEO) from Umpqua stores; and the "Local Spotlight", which uses Umpqua stores to promote and sell products from local companies.

Ray Davis, the CEO of Pivotus Ventures, commended CUA’s “terrific understanding” of the importance of digital transformation in order to benefit members.

Mr Davis said: “We are very pleased to have them on board, adding strong representation in the Australian market.

“Pivotus Ventures is focused on bringing like-minded organisations together to advance the human digital experience, and we’re confident CUA will bring valuable insights and international expertise to our activities.”

[Related: PwC partner to become new CUA chair]

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Lucy Dean

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