Valleys Credit Union joins FinTech Wales

Smart Money Cymru is the first credit union in Wales to join an influential body to promote technology development in financial services.

FinTech Wales exists to champion the financial services industry and give it an independent, global voice. The organization has a large membership across industry in Wales, including banks, insurers, accountancy firms, universities and utility companies.

As well as nurturing and supporting FinTech businesses, the aim is to create a culture to help new entrants get started and grow to maximize the huge potential this sector has for Wales.

“FinTech Wales is a key part of the financial services sector in Wales and is dedicated to the growth and development of this vital industry, and we are delighted to have become a member,” said Mark White, CEO of Smart. Money Cymru, the credit union and the community. bank with 8000 members and branches in Caerphilly, Blackwood and Tredegar.

During the lockdown, Smart Money Cymru took the opportunity of a downtime to upgrade its financial technology from a ‘paper-based’ experience to a digitized experience for members.

“The starting point for Smart Money was to seize an opportunity funded by the Welsh Government for a small group of Welsh credit unions to adopt a new loan processing platform so members could apply for loans online .

“The technology was provided by our existing operating software vendors and it gave us a great springboard from which to start our journey.

“Overnight, our average loan processing went from four days to less than 24 hours. Our goal and next step will be the implementation of fully automated loan decision and loan application processing, available to customers 24/7.”

The investment in new digital platforms resulted in an immediate and positive response from communities in Caerphilly, Islwyn and Blaenau Gwent served by Smart Money Cymru, as well as customers from other parts of Wales. “Over the past year, we have increased membership by 44% and nearly doubled our member loans; deposits have also increased by 50% and our revenues have increased by 45%,” Mr. White added.

Smart Money Cymru is, he said, on a digital journey to modernize and improve its offering as its membership grows, and this was the main reason to join the FinTech Wales network.

“As the cost of living continues to squeeze people’s budgets, we continue to support our local communities and customers across Wales, with our innovative services for our members,” added Mr White. These include a new credit creator loan for those who do not have a perfect credit record, and innovation Smart goods program to purchase household items such as refrigerators and stoves using loans from Smart Money Cymru.

“We can help in many ways, especially in these difficult times. Our number of members is constantly growing and we are continuously improving our services and our technical offer to help our members. »

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