A money management solution provider received the Best of Show award during the Speed Round competition at the 2016 CUNA Operations, Sales & Service Council Conference and CUNA Technology Council Conference.
MX, of Lehi, Utah, won for its demonstration of PowerSwitch, a product that allows credit unions to switch members’ card information for recurring payments quickly and easily.
“Although all of the entrants were strong, MX’s presentation stood apart because it most clearly showed what outside-the-box thinking can do for credit unions,” said Caroline Martorano, director of operations and support, Baxter CU, Vernon Hills, Ill., and Speed Round committee chair. “PowerSwitch is a remarkable innovation.”
In a matter of seconds, PowerSwitch allows financial institutions to change their members’ payment settings for regular purchases such as Netflix and Amazon to their own cards from competitors’ cards. Members earn rewards points for purchases after the switch, while credit unions are able to capture new interchange revenue. PowerSwitch also makes it easier to transition members to a new primary financial institution, helping credit unions increase their share of wallet.
"At MX we're constantly thinking about ways both the user and financial institution can benefit," said Matthew Brady, MX enterprise account executive. "PowerSwitch eliminates the friction in switching payments from one card to another."
For the Speed Rounds competition, 20 credit union vendors in 2 general sessions, were given 5 minutes each on the conferences’ main stage to present an innovative new product with a substantial potential impact on credit unions. No slides, video or static content were allowed during the presentations, requiring contestants to rely entirely on the demonstration. Each presentation was followed by 2 minutes of questions from the audience, who voted on the Best of Show in was of the sessions. The overall Best of Show winner was then selected by a panel of judges including individuals from Gartner Inc. and MasterCard.
"MasterCard is pleased to sponsor an event that highlights the innovative and forward thinking solutions that are being created for community financial institutions,” said John Ainsworth, MasterCard executive vice president.