Responding to Innovation is Key

CUs can learn a lesson from their cooperative cousins down under.

March 1, 2014

Although Australia’s financial services landscape differs significantly from that of the U.S., credit unions can learn a lesson from their cooperative cousins down under.

Sidney-based Cuscal is a leading business-to-business provider of wholesale banking and transactional services to Australia’s mutual banks and credit unions. Cuscal’s services extend from settlements and real-time processing to mobile payments and cardless access to cash. Cuscal and four of the largest banks in Australia are currently collaborating on ways to do real-time payments.

“From our perspective, most of the new banking innovations are being brought to Australia by nonbanks,” says Adrian Lovney, Cuscal’s general manager of products and services. “We think it’s important for our clients to have access to that kind of technology, too.”

Ultimately, success lies in a financial institution’s ability to be nimble and respond quickly to innovation. “Convenience, 24/7 availability, ease of use, and quality delivery—these are the requirements of being in the game,” says Craig Kennedy, Cuscal president/CEO. “But it’s the ability to respond to innovation that makes all the difference.”