Thu, Aug 24, 2017
For the sixth consecutive year, PSCU is inviting credit unions to bring their leading-edge thinkers to compete in its innovation marathon, KnockOut. The 24-hour collaboration event is scheduled for Sept. 14-15, 2017, at PSCU¹s headquarters in St. Petersburg, Fla. The goal of the hackathon-inspired event is to help solve a problem in the payments industry that will enable credit unions to better serve their members.
KnockOut focuses on helping to market and prototype real products and services. This year's competition the theme for which is "Be Brilliant" will emphasize PSCU's goal to support, protect and optimize every transaction and interaction of its Member-Owner Credit Unions. The event features five-person teams that have just 24 hours to ideate, design and present their ideas to a panel of judges, with each team explaining its product's function, feasibility, industry impact, time to market, cost and ROI.
KnockOut 2017 will include two new judging categories. According to a report published by Javelin Strategy & Research, there will be 50 billion connected devices by 2020, or 6.6 devices for every person on the planet. The Best of Internet of Things (IoT) and The Best of Analytics are being introduced as judging categories in anticipation of this massive market shift. The many connected devices in use and the associated data provide an opportunity for credit unions to have more information to make better decisions on behalf of members.
"Our Member-Owner Credit Unions expect us to help them grow and provide an unparalleled service experience to their members, and we believe industry collaboration is a powerful way of doing that," said Chuck Fagan, PSCU CEO and President. "KnockOut facilitates the development of ideas that provide solutions to real-world problems that can make a real-world impact on our industry and, ultimately, the lives of members."
KnockOut is unique in that it provides the opportunity to develop solutions for members in just 24 hours. The winner of KnockOut 2016 came up with an idea for an online loan decisioning and funding app that simplifies the credit union lending process. It allows immediate deposits into a member's checking or savings accounts. The second-place team ideated a one-of-a-kind intelligent platform API that would be integrated into various PSCU platforms to hold a "spot" in the call queue without requiring a member to call in.
A panel of judges composed of representatives from PSCU, FAIRWINDS Credit Union (Orlando, Fla.), First Data, Jack Henry and Mastercard will evaluate the teams' concept submissions and select five semifinalists. The semifinalists' videos will then be uploaded to the KnockOut website for open voting. Each member on the first-place team will receive a $1,500 travel voucher; second-place team members will each receive an Apple iPad Pro; and third-place team members will each receive an Apple Watch pack.
"We look forward to seeing the brilliant thinking and ideas that come out of KnockOut 2017," added Fagan.
PSCU's KnockOut 2017 is open to all employees of PSCU and its Member-Owner Credit Unions. More than 15 credit unions are expected to participate in this year's event. For more information, visit pscu.com/knockout.