Former Wescom Resources Group Senior Vice President and Chief Technology Officer John Best has launched a new technology consulting firm for credit unions called BIG (Best Innovation Group).
BIG helps discover the most innovative technologies that can be applied to the appropriate credit union channel to "unlock the ultimate member experience." BIG also helps create unique business partnerships with up-and-coming companies that will be leaders in these new spaces, while attracting top talent to be the next generation of technology professionals at their member credit unions. Two companies BIG has already partnered with include start-up CU Wallet and Wescom Credit Union's established CUSO Wescom Resources Group.
CU Wallet, for instance, is BIG's first partner representing the cutting edge of payments. BIG will leverage its 20 years of experience in credit union core platforms, as well as an extensive background in mobile, to be the payment start-up's technology arm. BIG will use its financial technology experience to quickly move CU Wallet from vision to reality.
"Essentially, our mission is to help credit unions deliver future technologies like CU Wallet and WRG's offerings to their memberships," Best states. "Applying new technologies is crucial for this industry to remain relevant with today's - and tomorrow's - consumer who expect the latest financial services. We're here to help expedite that adoption process.
"The reason for BIG: In the last 10 years, the credit union trend has been, at best, fast followers or, at worst, slow adopters with new technology," Best explains. "Large banks have led the way in R&D and new features due to their vast resources. It is time to change this trend in our industry with a collective and cooperative effort."
Ultimately, Best will work with his credit union partners and companies that want to push the financial technology envelope. "We will help our partner credit unions create the ultimate member and staff experience at their organizations by cooperatively spreading innovation costs among our partners," he adds. "Innovations come in all shapes and sizes and there is a tremendous opportunity for credit unions to outperform banks in the innovation space thanks to the their size and scale, as credit unions are far more nimble than banks."