Wellington IT Market Research Report

Company Overview

• Name: Wellington IT

• Mission: Dedicated to empowering Credit Unions with innovative technology and consultancy to meet their strategic goals.

• Founders: Not explicitly mentioned, but co-founder's involvement with Credit Unions led to the creation of their financial system.

• Founded: 1983, originally in the drinks distribution business, transitioned to financial services due to identified market opportunities.

• Key People:

• Ian Glenn (CEO)

• Jonathan Wilson (COO)

• Paula Mahood (Head of Finance)

• Kevin Mc Keever (Director of People and Culture)

• Scott Burnside (Head of Engineering)

• Headquarters: Offices in Belfast and Dublin

• Number of Employees: Not specified.

• Revenue: No information is available.

• Known For:

• Provider of Credit Union software solutions

• Managed IT services and support

• Part of Vencora, a global family of financial service software companies

Products

Credit Union Software Solutions

• Scion Core System:

• Secure, data-centric, powered by automated processes.

• Holds many data points for Business Intelligence reporting & Data Analytics.

Growth & Lending Products

• Mortgages:

• Scion’s Mortgage module offers fixed, variable, or combination rate options.

• Revolving Credit:

• A flexible line of credit enabling members to use funds as needed across a specified period.

• Open Banking:

• Integrates member bank accounts for streamlined loan processes.

• Automated Decisions:

• Fast-tracks loan approvals with decision engines.

• Self-Service Kiosks:

• Enhances in-branch transactions, offers member convenience.

• Digital Signature Pads:

• Speeds up documentation processes, reduces manual effort.

Digital Suite

• cuMobile App:

• Mobile banking app enabling finance management, integrated with digital signatures.

• Responsive Websites:

• Mobile-friendly websites for a better member experience.

• Digital Member Onboarding & ID Verification:

• Automates the onboarding process with liveness tests.

Core System Services

• Teller Module:

• Streamlines in-branch transactions.

• Credit Control:

• Automates communication, manages account arrears.

• Business Intelligence:

• Data analytics to drive decisions.

• Account Monitoring:

• Continuous monitoring and automated communications based on account actions.

Cloud Infrastructure & Compliance

• Private Cloud:

• Provides operational resilience, scalability, and a secure infrastructure.

• IT Managed Services:

• Comprehensive IT support, proactive management, and efficiency enhancements.

• Compliance & Risk Management:

• Embedded security measures ensuring regulatory compliance.

Recent Developments

• Product Launches:

• St Canice’s Kilkenny Credit Union: New 2-year fixed term deposit account.

• Feature Additions:

• Continued evolution of cuMobile with features like biometric e-signatures, Open Banking.

• Partnerships:

• Strategic partnership with CustomerMinds to enhance Credit Union engagement.

• Internal Innovations:

• Knowledge Base Transformation: Centralized repository for product information launched.

• Charity Partnership 2024:

• Partnered with Chest, Heart & Stroke to support relevant initiatives.

Conclusion

Wellington IT's strategic focus remains on delivering innovative, secure, and efficient IT solutions that cater specifically to the evolving needs of Credit Unions. Throughout its history, Wellington IT has adapted to regulatory changes, embraced technological advancements, and focused on collaborative partnerships to enhance its service offerings. The company's alignment with Vencora emphasizes its commitment to providing global expertise coupled with local knowledge to Credit Unions across Ireland and the United Kingdom.