PSCU to Host Fifth Annual KnockOut Collaboration Event
Panel of judges to include representative from Apple
St. Petersburg, Fla. – (August 31, 2016) – For the fifth consecutive year, PSCU is inviting credit unions to bring their leading-edge thinkers to compete in an innovation marathon called KnockOut. The 24-hour collaboration event, open to employees of the CUSO and its Member-Owner Credit Unions, is scheduled for September 8-9, 2016 at PSCU’s St. Petersburg, Fla. headquarters and Member-Owner HawaiiUSA Federal Credit Union’s campus in Honolulu, Hawaii. The goal of the event – which was originally inspired by hackathons – is to help solve a problem in the payments industry that will allow credit unions to better serve their members.
KnockOut focuses on helping to market and protoype real products and services. The event features five-person teams that have just 24 hours to ideate, design and present their idea to a panel of judges, explaining their product’s function, feasibility, industry impact, time to market, cost and ROI.
“We expect KnockOut 2016 to deliver another round of bold ideas that can ultimately be brought to market and make a real impact on the payments industry, which is evidenced by previous KnockOut winners,” said Chuck Fagan, PSCU CEO and President. “PSCU prides itself on partnering with credit unions to enable growth and provide an unparalleled member experience, and one way we do this is through collaboration at events like KnockOut.”
KnockOut is unique in that it provides the opportunity to develop real-world solutions for members in just 24 hours. For example:
- eXpress Transfer, KnockOut 2014’s winning idea, brings balance transfers to the forefront of the member’s mobile experience. It utilizes PSCU’s Data Analytics to market balance transfers to appropriate cardholders by displaying the potential savings via an interactive calculator and push notifications. The idea is currently in development.
- Sope Box, a pop-up feature that eliminates collection calls in early delinquency stages, was the winner of KnockOut 2015. This creative solution offers multiple payment options and enhances the overall member experience. Further development of the idea is scheduled to begin in the near future.
For KnockOut 2016, a panel of judges comprised of representatives from PSCU, Apple, Projekt 202, First Data, CFE Federal Credit Union, Oceanit and the Hawaii CU League will evaluate the teams’ concept submissions and select five semi-finalists. The finalists’ videos will be uploaded to the KnockOut website for open voting. The winning team will receive a $1,500 travel voucher for their dream vacation; second place team members will receive an iPad Pro; and third place team members will receive a $250 Visa gift card.
PSCU’s KnockOut 2016 is open to all employees of PSCU and its Member-Owner Credit Unions. More than 15 credit unions will be involved in this year’s event. For more information, visit pscu.com/knockout.
Established in 1977, PSCU (St. Petersburg, Fla.) is the nation's leading credit union service organization (CUSO) and was awarded CUSO of the Year recognition by NACUSO. The cooperative is owned by over 800 member credit unions representing more than 18.9 million credit, debit, prepaid, online bill payment and mobile accounts. Comprehensive 24/7/365 member support is delivered through contact centers located throughout the United States. For more information, visit www.pscu.com.