In a significant move towards achieving its Challenge 2025 objectives, the World Council of Credit Unions (WOCCU) has introduced the groundbreaking ‘Hub C’ initiative. This innovative program of WOCCU enables credit unions in emerging markets to experiment with cutting-edge digital products and solutions aimed at enhancing member experiences and fostering financial inclusion.
Launched initially in Latin America, Hub C provides a collaborative space for credit unions to explore data-driven Proofs-of-Concept (POCs). These initiatives focus on delivering customer-centric solutions tailored to underserved demographics, including women and youth, thereby expanding access to financial services.
In partnership with FinConecta, Hub C inaugurates an “innovation-as-a-service” marketplace. Commencing with Asociación de Instituciones Rurales de Ahorro y Crédito, Inc. (AIRAC) in the Dominican Republic, this platform facilitates collaboration between credit unions and fintech vendors. It offers access to diverse technologies spanning digital lending, identity verification, fraud prevention, and more.
Angelina Tracy, WOCCU’s Vice President of Strategic Growth and Partnerships, highlighted the importance of reducing barriers to innovation. She emphasized the need for credit unions to leverage sandbox environments for testing and replicating innovative solutions, especially tailored to specific member segments.
Hub C also collaborates with CB Cooperativa in Ecuador to pilot a credit scoring algorithm. This initiative aims to automate lending processes and create customer profiles using machine-learning technology. The envisioned impact is to expand loan offerings to various customer segments across Latin America.
Elissa McCarter LaBorde, WOCCU’s President and CEO, emphasized the urgency for credit unions to innovate and adapt rapidly in the digital age. She stressed the necessity for greater cooperation and investment to drive financial inclusion and relevance in a rapidly evolving landscape.
The launch of Hub C underscores WOCCU’s commitment to advancing digitalization in the global credit union sector. Through collaborative innovation and proactive initiatives, credit unions can seize new opportunities and meet the evolving needs of their members effectively.