PORTLAND, Ore., Aug. 17, 2017 (GLOBE NEWSWIRE) -- Pivotus Ventures Inc., a subsidiary of Umpqua Holdings Corporation, announced today that CUA, Australia’s largest credit union, has joined its international banking collaborative to transform the way financial institutions engage and serve customers. The addition of member-owned organization CUA marks the second global partner this month to join Pivotus, which also includes leading financial institutions from the U.S., U.K., and continental Europe.
Based in Silicon Valley, Pivotus was formed in 2015 by Umpqua Holdings Corporation to develop, test, and deliver innovative solutions that will enhance the human side of digital banking in transformational ways. Through collaboration, resource sharing and an entrepreneurial approach to product development, Pivotus is designing customer-centric solutions that can be created and rolled out quickly and cost-efficiently to financial institutions, regardless of size or location. Partnering financial institutions support the creation and testing of promising new products before they are made widely available on the market.
By partnering with Pivotus, CUA will be one of only four financial institutions in the world to offer its customers Pivotus’ first-of-its kind digital banking platform. Currently in pilot and targeted for rollout in early 2018, the platform will make digital banking more personal and offer customers a unique, unparalleled level of human-based service.
“Pivotus’ vision to transform digital banking and customer experience has taken an important step forward,” said Ray Davis, Pivotus CEO. “From the beginning, our goal has been to create a truly global collaborative—one that leverages the unique expertise of an international core of financial institutions, as well as their shared commitments to digital innovation and human connection. The addition of CUA extends our inaugural pilot project across three continents, closes out first-phase collaborative recruitment, and positions the Pivotus digital platform for a successful and widespread public launch next year.”
Since its inception, Pivotus has targeted select financial institutions to join its innovation lab based on shared customer values, international presence and a forward-thinking approach to banking. CUA provides banking, insurance and health solutions to 500,000 Australians and a legacy of innovation that has earned it national recognition as “Credit Union of the Year.” As a Pivotus collaborator, the credit union joins Umpqua Bank, Nationwide Building Society (U.K.) and Dutch-based De Volksbank in representing some of the strongest, most innovative financial brands in their respective countries.
“We have a unique opportunity here to help CUA stand apart from the competition and to grow our business,” said CUA CEO Rob Goudswaard. “Collaborating with Pivotus aligns to our strategy of delivering members the digital services and channels that will enable them to access CUA anywhere, anytime. In addition to the international expertise that this collaboration will bring to Australia, CUA has an opportunity to innovate faster, cheaper and at a greater scale than if we go it alone. This allows us to bring new digital services to members more quickly.”
About Pivotus Ventures Inc.
Pivotus Ventures, a subsidiary of Umpqua Holdings Corporation, is a software and digital transformation company that has assembled a team of Silicon Valley’s most creative minds to reinvent the banking experience. In collaboration with financial institutions around the world, Pivotus is leveraging cross-industry expertise in data analytics, innovative product development and user experience to build the next generation of banking solutions and make digital banking more human. Learn more at www.pivotusventures.com.
Source: Umpqua Holdings Corporation