GTE Financial’s team, “Delta Force,” placed in the Top 4 out of 20 teams in KnockOut 2013, PSCU’s second annual hack-athon competition for credit unions. GTE’s entry was for its Photo Switch Kit App, Snap2Switch. GTE developed a working prototype solution that enables consumers to initiate a switch to another financial institution by taking photos of documentation like a bank statement and driver’s license.
The App utilizes optical character recognition (OCR) technology to scrape the pertinent information from the images and then stores the data in the App. When ready, the consumer can use the App to submit the information and trigger the move.
“Overcoming the barriers of switching direct deposit, automated deductions and bill pay is one of the industry’s biggest dilemmas. Looking at Bank Transfer Day, there were only 610,000 new members that switched from banks to a credit union, which is .006 percent of our 96 million total credit union members,” says Chad Burney, SVP Virtual Banking and CIO of GTE Financial. “The question for us then is how to get people to move their money. Snap2Switch breaks down these barriers by using the simple technology of mobile photos to help automate the process. This App could be a huge win for the credit union industry.”
PSCU is the nation’s leading credit union service organization (CUSO) and serves more than 1,500 financial institutions nationwide. Finalists were selected by a panel of judges comprised of PSCU’s strategic partners. Teams of 5 competed in this 24-hour brainstorming and innovation summit held in St. Petersburg, Florida on Sept. 26 and 27, 2013 with the goal of producing a solution or service that could help credit unions grow and prosper.
For more information on this event, visit www.pscuknockout.com.