Cognerium Debuts Platform to Digitize Credit Unions, Smaller Banks

Digital banking startup Cognerium has launched a software platform designed for credit unions and small-to-medium banks.

The Florida company said in a press release Monday (July 8) that this new product will help financial institutions digitize their operations and launch new financial products of their own to meet their customers’ changing needs.

“In an age of digital transformation, small-medium banks and credit unions are being left behind because they lack the resources to keep up with the large banks,” said Cognerium CEO Assad M. Shaik. “With Cognerium, they can quickly digitize their operations and launch new financial products, as well as provide banking services to new market segments such as the cryptocurrency market.”

The company says its digital banking platform includes features like digital lending, wealth management, and anti-money laundering. According to Cognerium, this product is a complete solution for banks and credit unions to remain competitive in a swiftly changing marketplace.

“Our goal is to level the playing field for credit unions and small-medium banks so they can compete with the large banks,” said Assad. “With our platform, they can offer their customers the same digital banking experience without having to make a large investment.”

Read more: Credit Unions Lay Tech Groundwork in Bid to Unleash Innovation

Joint research by PYMNTS and credit union service organization PSCU shows that only about 20% of credit unions (CUs) believe their organizations are on the cutting edge of innovation as early launchers (launching new features before anyone else) — not an insignificant number, but hardly a majority. However, that’s up from around 8% only a few years ago.

“The trend is headed in the right direction,” Scott Young, vice president of innovation and design at PSCU, said in an interview with PYMNTS last week.

For CUs, there’s no need to do everything ocean all at once, Young said. Showing some technological progress and steady evolution of new offerings will suffice.