St. Petersburg, Florida – (October 14, 2013) – Team Delta Force from GTE Financial prevailed over a strong field of three other finalists to wear the crown as champion of KnockOut 2013, PSCU’s second annual competitive idea generation event. Delta Force collected the most votes from PSCU and credit union employees to win the KnockOut’s grand prize of a dream vacation for each team member.
KnockOut competitors were challenged to create within a 24-hour time period a working prototype of a process or solution that solves a real credit union business need or challenge. The format of the event is adapted from the hackathons popularized by technology industry leaders such as Google and Facebook. Team Delta Force and three other teams comprised of PSCU employees were named KnockOut 2013 finalists by a panel of judges who evaluated each team’s concept during five-minute presentations from each of the 19 teams that competed in the event.
Judges included representatives from Visa, MasterCard Labs, Filene Research Institute, PSCU and four PSCU Member-Owner Credit unions. Each team’s prototype solutions were judged according to criteria that included size of potential market opportunity, uniqueness of idea, projected return on investment, and delivery timeframe.
“Ideas are the currency of our business,” said Mike Kelly, PSCU President & CEO, in his remarks to KnockOut participants before the event got underway. “Collaboration and cooperation are the elements that will fuel innovation and change in our industry and that is what KnockOut is all about – working smarter to bring to life the kinds of ideas that will help credit unions prosper and make a difference in members’ financial lives.”
Delta Force designed an app that enables consumers to easily switch their current banking relationships to a credit union; Team Bacon claimed second place with an application that lets cardholders remove a block on their account when traveling internationally; and Team MoNation took third-place with their concept that permits cardholders to remotely identify suspect transactions as fraudulent or legitimate when notified by PSCU’s fraud prevention team. Fourth place went to Team MoMo, who prototyped a solution that enables consumers to create a “dream cart” of potential future purchases and apply for credit union financing for the items.
Teams competing in KnockOut 2013 were made up of PSCU employees and employees of PSCU’s Member-Owner credit unions. Other credit unions sending teams to the event included ORNL Federal Credit Union (Oak Ridge, TN) and Greater Iowa Credit Union (Ames, IA).
Overall, 87 participants competed in the event, which was supported by over 60 PSCU employees who volunteered to handle event logistics as well as serve as roving subject matter consultants for the teams. Ideas from the final four teams will be formally submitted to PSCU’s product development process for further refinement and preparation for launch into the market.
Established in 1977, PSCU (St. Petersburg, Fla.) is the nation’s leading credit union service organization (CUSO) and serves more than 1,500 financial institutions nationwide. The company is owned by nearly 700 member credit unions representing 16 million credit, debit, prepaid, online bill payment, mobile and electronic banking accounts. Comprehensive 24/7/365 member support is delivered through four contact centers located throughout the United States that handle more than 18 million inquiries a year.
Through a focus on collaboration and initiatives to mine the collective intelligence from all corners of the cooperative, PSCU’s Member-Owners are positioned at the leading edge of innovation. The combination of PSCU’s commitment to leadership in mobility and excellence in risk management, strategic consulting and technology creates PSCU’s foundation for the strongest partnerships with its Member-Owners. For more information, visit the PSCU website at www.pscu.com.