14 October 2023
Credit Union Awards 2023 Winner
Synergy Credit Union Takes Home Best Innovative Project Award at All-Ireland CU Awards
Synergy Credit Union was a shining star at the All-Ireland CU Awards 2023, taking home the Best Innovative Project award for our Personal Lending Automation platform. This award is a testament to our commitment to using technology to improve the member experience and to the power of collaboration.
The Personal Lending Automation platform is a modern credit union bespoke lending platform that has revolutionised our lending service to members. The platform is unique in that it analyses prior lending decisions and performance to determine an approval probability score, which is one of four pillars of the loan assessment.
Members can apply online, via mobile app, or in branch, and with consent to open banking, a loan decision is reached in minutes. Synergy launched this platform to members in December 2022, and almost 50% of our loan applications are now decisioned on the same day.
We are privileged and proud to be part of a fantastic collaboration between 16 forward-thinking and innovative credit unions under the under the collective name of Metacu and Fexco in the establishment of Metamo, a strategic enabler empowering credit unions. We look forward to delivery by Metamo of further innovation in the future.
In addition to the Best Innovative Project award, Synergy Credit Union was also well represented at the All-Ireland CU Awards, with nominations and shortlistees in various categories including:
- Board Oversight Committee members Joe Tobin in the Volunteer of the Year category and
- Betty Moore in the Lifetime Achievement category
- Best Social Dividend Initiative (Sustainability) Award for our primary and secondary schools Sustainable Development Goals education programme which is currently running in St Colman’s College Fermoy.
- Members Choice Award
We are grateful to our members for their continued support, and we're committed to continuing to find new ways to innovate and serve our community.
Why Synergy Credit Union is a Leader in Innovation
Synergy Credit Union is a leader in innovation because we are always looking for ways to improve our member experience. We believe that everyone should have access to affordable and convenient financial services, and we are committed to using technology to make that possible.
Our Personal Lending Automation platform is a perfect example of our commitment to innovation. This platform makes it easier for members to get the loans they need, when they need them with the minimum of fuss.
We are also proud to be part of the Metamo collaboration. We believe that collaboration is essential to driving innovation in the credit union sector.
How Synergy Credit Union is Making a Difference in the Community
Synergy Credit Union is committed to making a difference in the community. We do this by providing affordable and convenient financial services, supporting local businesses, and investing in community initiatives.
Our Personal Lending Automation platform is one way that we are making a difference in the community. This platform makes it easier for people to get the loans they need to enhance their education, renovate their home, consolidate debt or purchase an electric vehicle using a modern loan application and approval system which with consent for open banking decisions loan applications in minutes.
We also support local businesses by providing them with fast, local loan decisions so there is no delay in getting the finance they need. There is always a member of staff available to help and give advice. We believe that a strong local economy is essential to a thriving community.
Finally, we invest in community initiatives that support education, social justice, and the environment. We believe that everyone deserves the opportunity to succeed, and we are committed to helping our community members reach their full potential.
Synergy Credit Union is a leader in innovation and a committed member of the community. We are proud of our achievements at the All-Ireland CU Awards 2023, and we are committed to continuing to find new ways to serve our members and make a difference in our community.