Pivotus Ventures Expands 21st Century Banking Collaborative to Australia’s Largest Credit Union
August 17 2017 - 8:15AM
Pivotus Ventures Inc., a subsidiary of Umpqua Holdings Corporation,
announced today that CUA, Australia’s largest credit union, has
joined its international banking collaborative to transform the way
financial institutions engage and serve customers. The addition of
member-owned organization CUA marks the second global partner this
month to join Pivotus, which also includes leading financial
institutions from the U.S., U.K., and continental Europe.
Based in Silicon Valley, Pivotus was formed in 2015 by Umpqua
Holdings Corporation to develop, test, and deliver innovative
solutions that will enhance the human side of digital banking in
transformational ways. Through collaboration, resource sharing and
an entrepreneurial approach to product development, Pivotus is
designing customer-centric solutions that can be created and rolled
out quickly and cost-efficiently to financial institutions,
regardless of size or location. Partnering financial institutions
support the creation and testing of promising new products before
they are made widely available on the market.
By partnering with Pivotus, CUA will be one of only four
financial institutions in the world to offer its customers Pivotus’
first-of-its kind digital banking platform. Currently in pilot and
targeted for rollout in early 2018, the platform will make digital
banking more personal and offer customers a unique, unparalleled
level of human-based service.
“Pivotus’ vision to transform digital banking and customer
experience has taken an important step forward,” said Ray Davis,
Pivotus CEO. “From the beginning, our goal has been to create a
truly global collaborative—one that leverages the unique expertise
of an international core of financial institutions, as well as
their shared commitments to digital innovation and human
connection. The addition of CUA extends our inaugural pilot project
across three continents, closes out first-phase collaborative
recruitment, and positions the Pivotus digital platform for a
successful and widespread public launch next year.”
Since its inception, Pivotus has targeted select financial
institutions to join its innovation lab based on shared customer
values, international presence and a forward-thinking approach to
banking. CUA provides banking, insurance and health solutions to
500,000 Australians and a legacy of innovation that has earned it
national recognition as “Credit Union of the Year.” As a Pivotus
collaborator, the credit union joins Umpqua Bank, Nationwide
Building Society (U.K.) and Dutch-based De Volksbank in
representing some of the strongest, most innovative financial
brands in their respective countries.
“We have a unique opportunity here to help CUA stand apart from
the competition and to grow our business,” said CUA CEO Rob
Goudswaard. “Collaborating with Pivotus aligns to our strategy of
delivering members the digital services and channels that will
enable them to access CUA anywhere, anytime. In addition to the
international expertise that this collaboration will bring to
Australia, CUA has an opportunity to innovate faster, cheaper and
at a greater scale than if we go it alone. This allows us to bring
new digital services to members more quickly.”
About Pivotus Ventures Inc.Pivotus Ventures, a
subsidiary of Umpqua Holdings Corporation, is a software and
digital transformation company that has assembled a team of Silicon
Valley’s most creative minds to reinvent the banking experience. In
collaboration with financial institutions around the world, Pivotus
is leveraging cross-industry expertise in data analytics,
innovative product development and user experience to build the
next generation of banking solutions and make digital banking more
human. Learn more at www.pivotusventures.com.
Media Contact:
Kurt Heath
503-219-6124
KurtHeath@umpquabank.com
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