ARLINGTON, Va.--(BUSINESS WIRE)--NAFCU Services announces Mastercard, FIS, and Open Lending as the winners of the 2020 Innovation Awards. The Innovation Awards is an annual program that honors the transformational and valuable contributions to the credit union industry. The winners are selected by a panel of top executives and members of the media based on the degree of innovation and impact on credit union success.
“This year’s entries were amazing in their ingenuity and thoughtfulness, even with so many unforeseen challenges,” NAFCU Services President Randy Salser says. “We had more applications than ever before. It’s great to see our partners rallying around credit unions to help them serve even more members in new and innovative ways. Congratulations to our 2020 winners!”
The 2020 NAFCU Services Innovation Award-winning solutions are:
- NuDetect, by NuData Security, a Mastercard Company: a real-time, online fraud prevention and protection solution that combats cybercrime continuously with 99% accuracy. Using passive biometrics and behavioral analytics to identify good online users behind different devices, it prevents fraudulent transactions, even if a cybercriminal has the correct credentials. This allows credit unions to provide a better member experience without compromising security in account originations of multiple types while thwarting account hijacking, fraudulent money transfers, password re-sets, and addition of fraudulent new payees.
- Digital Issuance, by FIS: empowers CU members to upload payment card accounts quickly and easily into a digital wallet, negating the wait time for a plastic card to arrive in the mail – new or replacement – accelerating usage, increasing interest and noninterest income, and boosting loyalty. This lower-cost option leverages a single account number (for both digital and physical cards), allows for restrictions of use for instances where a physical card is necessary, and requires no additional investment to implement.
- Lenders Protection, by Open Lending: leverages data from multiple sources to develop its proprietary LP Score, which can predict nonprime, auto loan default rates at an incredible 99.2% accuracy. Using Lenders Protection, credit unions can lend to consumers with limited credit profiles, who are often turned down by other lenders for a loan, plus offer better pricing for the borrower and increased interest income versus other portfolio loans with improved predictability.
The independent panel of judges for NAFCU Services’ 2020 Innovation Awards includes Farmers Insurance Federal Credit Union Chief Operating Officer Kathy Chicas, CUbroadcast Creator and Host Mike Lawson, Coastal Federal Credit Union Chief Member Service Officer Jim Pack, and CUinsight Publisher & CEO Lauren Culp.
About NAFCU Services
As part of the National Association of Federally-Insured Credit Unions, NAFCU Services provides funding, educational content, and a portfolio of trusted and vetted Preferred Partners. For 40+ years, we’ve served credit unions across the country. Our team of partners delivers groundbreaking ideas and next-gen solutions, enabling credit unions to compete, change the status quo, and grow their institutions.