NestEgg Collaboration to Support Credit Unions

In a UK first for the Credit Union sector, we were delighted to debut an innovative new product into the credit union sector at this year’s ABCUL conference, which will allow Optimus to offer a flexible and responsible credit card programme for the specific needs of credit unions and their members.

Our latest collaboration with NestEgg – a software provider helping credit unions manage and monitor credit history and behaviours of their members, helping to make risk-based decisions on lending and improve their financial health – will support our credit card programme.

Benefits for credit unions

The innovation is designed to provide a further layer of support to credit unions and their members nationwide. The programme aims to transform the sector by empowering credit unions with full digital onboarding and instant decisions based on the credit union’s risk profile and member credit history.

Automated decision-making for credit card applications will streamline the process, enabling dedicated staff to provide one-on-one support to their members.

The automation is bespoke for each credit union, allowing individual institutions to set their own risk appetite for credit card approvals, automating limits based on the credit profile of the borrower.

The offering will help credit unions to grow and empower their member base and reach new people in need of revolving credit.

And most importantly, the solution and the loan book are owned by the credit union. Using their licence, and risk appetite to run their portfolio P&L.

Supporting the credit card sector

We have been at the forefront of programme development as part of the credit union working group within ABCUL. From this, a strategic framework has been diligently created on behalf of ABCUL’s members over the course of 18 months, enabling us to deliver this trailblazing, research-backed solution to the industry.

Our collaboration with NestEgg has given us a clearer understanding of what the credit union sector member behaviour portfolio looks like today. The programme will empower credit unions to adopt a new service to their members whilst opening a new, affordable borrowing loan book.

Adrian Davies, Co-Founder of NestEgg commented,

“NestEgg is excited to be working in collaboration with Optimus Cards to realise a long-held ambition of the credit union movement – providing a credit card to members.

“With 1/3 of credit union borrowers holding revolving credit elsewhere, the demand is proven. In fact, over two-thirds of members using revolving credit had near or prime credit scores. And once opened, credit card accounts stay open; in most cases for more than six years.”

For more information on how we can support you and your members, get in touch with the Optimus Cards team today.