A new banking app that enables credit union members to manage their accounts online, has been launched by Wellington IT, technology partner to the credit union sector.

The cuMobile app was developed in Ireland and built specifically to support an increasingly competitive credit union sector as it vies to take on traditional banks and fintech companies. 

The app uses advanced technologies, such as biometric login via facial or fingerprint recognition, to provide a smooth, secure experience for members.

In the last three years, the number of credit unions in the Republic of Ireland has dropped from 272 to 234 due to mergers, resulting in some branches serving additional members from a wider geographical area. 

By allowing users to access every credit union service through the app, it reduces paperwork, data entry and administrative tasks for credit unions.

The app reduces the time needed to apply for a loan from the credit union, from 20 minutes to 5.

The app also allows prospective members to sign up to their local credit union in one day. 

"There has been a big push from the credit union sector in recent years to compete directly with banks and fintech companies," said Declan Colfer, Managing Director, Wellington IT. 

"At the same time, consumers are demanding products that offer efficiency and convenience, with Covid-19 further increasing the demand for online services. As a result, the credit union sector is digitising at a rapid pace and cuMobile is a significant facilitator of this."

John Fee, Compliance and IT Manager at Dundalk Credit Union, said members there have been using cuMobile for the last two months and have found it to be transformational.

"The technology makes it easy and fast for members to use and there is no need for passcodes and PIN resets. It is also giving time back to our credit unions to focus on activities such as lending and other valuable members services," he added.