Message from our CEO: People Helping People

Here at incuto, our promise to partners – namely the credit unions and community banks which we serve - is as true today as it has ever been. We are on your side. We are working together to reach customers who desperately need your services. And we’re happy to do whatever it takes to get the right technology in place for you. Let’s fulfil our shared aim of helping people out of spiralling poverty and debt.

Working with our team of talented developers, and talking to credit unions and community-based banks on a daily basis, it’s easy to get excited about what the future holds for our sector. We’re on the tipping point of a major overhaul of the technology available to credit unions, and in turn, their customers. Everyone should have access to affordable, high-quality financial services and although technology has been a stumbling block up to now, incuto is working closely with partners to offer a wide range of back-office functionality, making services easier to use, more accessible, and providing regular opportunities to communicate and promote financial education.

Combine this with the affordable credit package announced by Government to support social and community lenders, including the £2 million affordable credit challenge fund for innovative Fintech solutions and the prize-linked savings scheme pilot for which incuto is the technology partner, and there are even more reasons to feel optimistic.

With this in mind, it’s no surprise the FCA is calling for a government review of credit unions rules which could open up a wider range of products and services to members. In this environment, we are standing right alongside our credit union partners, supporting their growth and enabling them to become true challengers to both high street banks and pay day lenders.

I am extremely proud to work with credit unions and community-based banks, and have seen first-hand the impact they can have on lower-income individuals and families. The time of year is particularly poignant as school summer holidays get underway. How many children living in poverty will be forced to skip meals this week because their parents can’t afford to replace the lunches provided in schools? How many families will turn to a pay day lender to cover a few simple treats or a day out for the kids, something that most of us take for granted. Then there are those trapped in a cycle of debt who end up taking one high-cost loan after another to pay off their mounting interest?  

‘People Helping People’ must remain at the forefront of everything we do. Technology should enable and enhance this, which is why our toolkit covers all aspects of your service, from our memberHub, the app and 24/7 banking capability for the end-customer to our Hive data layer, Buzz communications platform and 360 automated decision making platform.

Add to this incuto’s partnerships with Starling Bank, Post Office, Vocalink, Telefonica, Mastercard and Experian which give members better access to free-to-use services, and you can see that we remains true to our purpose. We give ethical lenders the full range of tools to drive sales, reduce costs and enhance the members’ digital experience.

I’m excited for the weeks ahead. Our team will be busy on-boarding many new partners and we’re looking forward to seeing the impact of this very soon. We’ll also be working closely with HM Treasury to kick off the new prize-linked savings pilot, a fantastic initiative which will undoubtedly shine a light on the invaluable services credit unions and other community-based banking services can offer. 

Here’s to positive progress in the weeks to come, and watch this space for news and developments in the coming weeks.

Andrew Rabbitt, CEO, incuto