Kinecta Wins National Technology Innovation AwardOct 09, 2021 09:13AM ● By Dig Mb Staff
Image via Kinecta
The Manhattan Beach-based Kinecta Federal Credit Union has been announced as the winner of the “Best of Show” Award by the CUNA (Credit Union National Association) Technology Council at this year’s CUNA Virtual Conference.
The prestigious CUNA Technology Council's Excellence Awards identify and honor credit unions that exemplify excellence in technology.
Voted on by a panel of CUNA Technology Council committee members and industry professionals, the award recognizes Kinecta’s “Preapproval of Credit Cards using Machine Learning” entry (asset group > $500 Million), an analytics model for increasing the acquisition of credit cards among members that currently don’t possess a credit card. The goal of this innovative method is to improve product penetration on credit cards by pre-approving members using machine learning without adding undue risk.
Led by Sharon Moseley, senior vice president and chief information officer of Kinecta, the new model uses machine learning methods to “learn” from existing processed applications and understand how the data (without credit report information) correlate to the probability of credit card application approval. This model can then be used to market credit-building products to members who would have normally been turned down due to their FICO score.
“We are deeply honored to be awarded by the CUNA Technology Council for the extraordinary outcome of a technology transformation model that increases needed access to credit by our members,” said Keith Sultemeier, chief executive officer of Kinecta, in a statement. “I would like to congratulate Sharon and especially Bhavesh Shah, who leads the BI/AI technology team, on this outstanding accomplishment and contribution to the success of Kinecta.”
Kinecta Federal Credit Union is the country's 35th largest credit union, with assets of $6.5 billion and more than 270,000 member-owners. Its 800+ employees serve members from 32 branches and numerous call centers and specialty offices. Located in the Southern California area for more than 80 years, it has recently expanded to Northern California, New York, and New Jersey. It offers members a full range of financial products through the credit union and through its subsidiaries, Kinecta Wealth Management and Kinecta Insurance Services.
CUNA Councils is a member-led community of credit union leaders providing vibrant peer interaction, new ideas and innovation to foster professional development for our members while advocating for the overall success of the credit union movement. There are eight CUNA Councils with a network of more than 7,300 credit union professionals.