What is CU Impact?
CU Impact, is a specialized shared banking system that will help to scale-up the delivery of innovative products and services in low-income and underserved communities. Furthermore, CU Impact will provide a robust technological platform to accommodate ongoing innovation, facilitate collaboration and generate growth. It will also deliver financial services on a large scale at low-cost, sustainably, and without losing the hard-earned trust of low-income consumers.
EPL, Inc. and the Federation are working together to customize CU Impact, the core platform designed specifically for CDFI credit unions. Drawing on the Federation’s leadership, experience and knowledge of underserved markets, along with EPL’s, pioneering i-POWER® system, the partners plan to develop CU Impact with the capacity to integrate new products and services targeted for the low-income and underserved consumers, track outcomes, and support the consolidation of accounting, compliance and processing functions for credit unions of all sizes. The platform will be built on the key principles that facilitate economies of scale for small financial institutions, allowing numerous small institutions to connect to coordinated, aggregated banking services, processing and compliance functions.
What CU Impact Does
- Facilitates development and deployment of new products
- Measures and evaluates community development impact
- Increases efficiency and lowers the cost to credit unions
- Connects and ‘plays well’ with other systems with an ‘open’ solution
CU Impact’s main objective is to connect more members to safe and affordable credit union services and provide a uniform platform for low-income consumers to access high quality products and services across a diverse range of credit unions. Ultimately, CU Impact will develop a continuum of asset-building accounts, loans and education to help people move from debtor to saver to asset owner.
- A continuum of asset-building accounts, loans and education to help people move from debtor to saver to asset owner
- Systems to track and measure the impact of credit union services on end-users to improve reporting and provide greater insights into product and process improvements A continuum of asset-building accounts, loans and education to help people move from debtor to saver to asset owner
- Automated lending tools that can be tailored to the unique underwriting criteria that best fit the needs of different target populations and enable those credit unions to rapidly return key credit decisions to consumers
- Mobile banking apps that integrate with user-friendly online banking to better serve your members no matter where they are