ST. PETERSBURG, Fla.-Not bad for a single day's work.
Interra CU and Finance Center FCU collaborated on a joint technology project that led to the credit unions being recognized as finalists at PSCU's inaugural "Knockout" for co-creating a smart-receipt tracking system, ReceiptSnap.
"We had 24-hours to develop, design and have a working demo or representation of our idea," said Interra CU's Call Center Manager, David Dekker. "In that time, we also needed to develop a world-class presentation. Given the tight time constraint, we forced ourselves to innovate and originate our entire concept."
What PSCU originally billed as a "Hackathon" was actually more of a game of "Knockout" as as 100 CU technology execs competed to create innovative tech concepts over a 48-hour period. In total, there were 87 participants comprising 21 teams, most of whom had set up shop at PSCU's St. Petersburg, Fla. headquarters, although some teams attended virtually from Arizona and Michigan (CU Journal, Nov. 12). In all, 21 potential software solutions and ideas were presented to the judges, but not before teams hashed out respective concepts throughout the night and into the day on little or no sleep.
Dekker's teammates were Business Development Manager Chris Smith and Marketing Coordinator Tim Vogel who worked alongside Finance Services FCU's Managing Director of Member Experience, Amanda Middleton.
"The collaboration of Financial Center and Interra CU was actually the result of previous collaborations. Chris Smith, of Interra, and myself worked together on a team for the Indiana Credit Union League's Ignite program," explained Middleton. "When we were approached by PSCU to create teams for the Hackathon, I was very excited to work again with Chris and his colleagues."
Conceived as an easy-to-use mobile and online platform storing and organizing receipts directly in an online banking format, ReceiptSnap provides consumers and retailers secure proof of a purchase with supporting documentation.
"This gives the user easy access and ties the receipt directly to the transaction. The mobile app associated with this platform is planned to be an easy three-click process," said Dekker. "We've gotten a lot of positive feedback from the panel of judges, fellow participants and our own credit union colleagues."
Middleton said the app is "as easy as taking a picture with your mobile phone."
"Let's say you've just completed your purchase and you don't want to carry around another pesky receipt in your billfold-so after accessing the downloadable application, you input the amount and date of your transaction. This allows ReceiptSnap to match the receipt to a posted transaction within your online banking history."
For members, the process is intuitive. "Simply snap a picture of the receipt or where offered scan the QR or bar code. ReceiptSnap does the rest," said Middleton. "The member is able to view or print the receipt within their online banking once the transaction has cleared."
While still in the early beta stage, Dekker said the application was designed to be scalable allowing for effortless customization.
"An attractive feature of ReceiptSnap is the integration with a credit union's core processor, which takes that step out of the equation for the consumer," added Middleton. "The next steps would be the creation of a fully functioning beta application which could integrate with several different core processing systems."
Since the application is still in the design stage, a return on investment metric has yet to be determined. Dekker, however, is thinking positiviely. "Given the stickiness of the product, our return would primarily be seen in additional member activity through increased loyalty, retention and use of other credit union products."
More Collaboration To Come
The acknowledgment as a finalist in this year's Knockout conference is now serving as a foundation for future collaborations for the credit unions.
"The basis of the credit union industry is people helping people. Financial Center and Interra CU have successfully collaborated on multiple projects through ICUL Ignite and PSCU Knockout and we will continue to partner through these venues in an effort to advance Indiana credit unions," said Middleton.