Metamo enabling digital transformation in the Credit Union sector as majority of members identify new technology as crucial to managing their daily lives

In a study conducted by Metamo in partnership with Amárach Research, it has been revealed that Credit Unions across Ireland have undergone substantial change over the past five years. The study, which surveyed Credit Union members nationwide, found that 58% of members believe their Credit Union has undertaken considerable transformation during this period.

The findings underscore the dynamic evolution within the Credit Union sector, driven by technological advancements and an increasing demand for modern financial solutions. According to the research, 79% of members agree that technology is crucial in managing their daily lives.

Metamo, a joint venture between Fexco and 16 of Ireland’s largest credit unions, has been recognised as a strategic enabler and catalyst for this change within the credit union sector. Through cutting-edge technology, strategic partnerships, and a customer-centric approach, Metamo is driving innovation and excellence, improving overarching infrastructure and capabilities in the sector.

Since its establishment in 2019, Metamo has achieved several key milestones that underscore its pivotal role in the sector:

Strategic Joint Venture: As the first of its kind in Ireland, Metamo has significantly enhanced its capabilities and expanded its reach within the credit union sector, enabling CUs modernise and digitalise with leading-edge technology.

Innovative Solutions: Metamo offers innovative solutions like the Total Lending Solution and Bespoke HR services, supporting credit union boards, CEOs, and management teams. Metamo has recently reached a landmark milestone of 30 credit unions engaging their services, with combined assets of over €5 billion, empowering over 1,200 staff, and supporting over one million members nationwide.

Strategic Partnerships: Metamo has formed strategic alliances with Irish Life and Allianz to enhance its financial advisory service offerings. Financial education is central to credit unions, with 60% of members seeking more comprehensive advice and 85% trusting their credit union over major banks. These partnerships help credit unions expand their range of financial products and services.

Metamo’s Total Lending Solution (TLS): TLS uses advanced technology to analyse loan application data and Open Banking inputs, delivering personal loan decisions in as little as three minutes, compared to several days with traditional methods. TLS is fully integrated with credit unions’ core and digital solutions, and enables online loan approvals anytime, enhancing accessibility and efficiency. A key value-added benefit is a first-class data analytics and reporting feature, powered by Salesforce Tableau, providing real-time insights for better operational outcomes.

Neale Richmond, TD, Minister of State for Financial Services, Credit Unions and Insurance said: “In an environment where Credit Unions need to evolve to cater for changing member’s needs, it is incumbent on the sector to embrace innovative solutions and technologies. Metamo has successfully deployed some of these solutions across the sector and I strongly encourage their continued innovation and support of the Credit Union sector.”

“Since 2019, Metamo has grown and become viewed as a catalyst for positive change in the Credit Union Sector,” said Denis Cleary, CEO of Metamo. “By bringing together best in class technologies and industry partners we have developed a sophisticated set of products and services that enable the Credit Union to modernise and adapt to members’ demands and deliver a new suite of services in collaboration with their strategic needs.”

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