Mbanq CUSO Introduces Credit Union-as-a-Service

Mbanq CUSO has rolled out a Credit Union-as-a-Service (CUaaS) business model “to launch and operate the Credit Union of the future as a comprehensive service,” according to a company announcement Thursday (Sept. 2).

CUaaS offers customers a “coordinated package of technology, operations, legal compliance and financial services solutions, wrapped into a single credit union ecosystem,” per the announcement.

“Credit Union-as-a-Service takes care of every operational requirement a modern credit union needs,” Mbanq CEO Vlad Lounegov said in the company announcement. “It connects and integrates the entire technology stack with regulatory and service packages in a comprehensive and flexible manner.”

Mbanq CUSO’s cloud-native technology stack with a low-code back end serves as the technology base for dozens of banks and credit unions. It allows credit unions to deploy or upgrade and at low cost and deliver financial products to their members through personalized mobile apps and web channels.

The company’s digital and cloud computing technology automates processes to operate a credit union. It offers financial services, including cards, loans and payments, with a modular architecture and full API connectivity.

“Credit Unions focus on providing outstanding value to members, such as innovative rewards programs and insurance products, whilst keeping fees minimal,” said Lounegov. “CUaaS understands and enhances these particular strengths so Credit Unions can focus on serving the needs of their members without worrying about the technology or operational aspects.”

Related: Six in 10 Credit Unions Adding Digital Options to Branches

In a recent interview with PYMNTS, Jeremiah Lotz, managing VP of digital and data at PSCU, a credit union service organization (CUSO), said a good example of wanting it all is when a customer who is buying a house may appreciate both a digital experience and a personal approach.

Credit unions must meet the customer’s needs by combining digital and human-touch elements in the branch setting, said Lotz. By offering a range of online and offline experiences, he said, CUs will be equipped to appeal to younger consumers.

Recent PYMNTS research shows 4 out of 5 U.S. bank account holders will be making use of digital banking tools on a monthly basis by 2024, but most consumers still express the desire to live 15 minutes or less from physical branches.