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CUA project recognised on international stage

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CUA has been recognised as an international leader in process improvement, winning a global award for the Best Improvement Project under 90 days at the 2018 PEX Network Awards in Orlando, USA.

CUA has been recognised as an international leader in process improvement, winning a global award for the Best Improvement Project under 90 days at the 2018 PEX Network Awards in Orlando, USA.

Australia’s largest credit union won the award for its Home Loan Switch Online (HLSO) project, an innovation which was developed in-house by CUA developers to allow members with an expiring fixed-rate home loan to quickly and easily choose their new fixed or variable rate home loan with a self-service tool in CUA Online Banking.

Since launching a year ago, the tool has surpassed expectations and budget forecasts, with more than $28m in expiring fixed rate loans being ‘switched’ using the tool.

The Global Process Award is designed to recognise the business impact, team management and scope of a project with short cycle times and quick wins for the business.

HLSO was recognised for its business impact, project execution, innovation and impact on the customer, having exceeded its targets by more than 700% in its first four months, as a result of shifting the focus from process to a member-centric approach.

The award comes on the back of the Home Loan Switch Online win at the Australian OPEX awards last year, where it won the Process Innovation and Improvement award.

CUA Head of Member Experience, Manuel Ledezma, said it was a fantastic result and a deserved reward for an exciting initiative.

“We are incredibly proud of this award, particularly given the nature of the project and the manner in which it speaks to our core values at CUA,” Mr Ledezma said.

“To shift our focus to a member-centric approach, with a project co-designed in collaboration with both members and team members, truly embodies the CUA way of members working together for mutual good.”

“This initiative was ultimately aimed at making the switch journey as convenient as possible for our members. The results have spoken for themselves so it’s been very rewarding to implement such a successful member experience.”

Following a decision in 2015 to grow an in-house Business Process Re-engineering practice at CUA, the department has since expanded to 13 team members across four separate teams - Member Experience Improvement, Member Advocacy, Performance, Governance and Continuous Improvement and Member Experience Strategy.

The positive response to the project has also seen multiple stakeholders use Home Loan Switch Online as an example to follow for other initiatives across the business.

“At CUA we have a commitment that we we will work on being available to our members ‘anywhere, anytime’ and whether it’s via online home loan switches, the iM CUA app where you can choose your own personal banker, or any of our other member focussed digital innovation projects, we are constantly exploring new ways to deliver on that strategic goal.”