Cloud-powered ethical financing for UK credit unions
UK-based My Community Finance (MCF) is a loan broker and IT provider to credit unions, giving savers and borrowers access to ethical lenders through its network.
- members
- in loans issued (GBP)
- implementation
MY COMMUNITY FINANCE
About the customer
My Community Finance operates with the belief that financial products should build communities, not harm them. This is what finance once was. They’ve taken inspiration from the past to build a better financial future – where community matters. The ethical lenders in MCF's network don’t have shareholders, they have members.
Discover how the fastest-growing and largest credit unions in the UK now have access to state-of-the-art cloud banking with Mambu.
The challenge
A story of untapped potential
While credit unions generally offer lower fees, higher savings rates, and bespoke customer service, they're often overlooked by borrowers. With little to no resources to invest in modern IT infrastructure and expensive core banking systems, they tend to run on outdated technology, unable to grow and scale.
My Community Finance saw the untapped potential and set out to empower UK credit unions to make their products and services visible to their target audiences while giving borrowers access to fairly priced and ethical financial products.
“Our goal was to give credit unions visibility and get them onto all major UK loan aggregator sites. Credit unions help people with non-prime credit scores or damaged credit scores get better rates, which in turn allows them to improve their credit standing.”
- Tobias Gruber, CEO and co-founder of My Community Finance
The solution
Ditching legacy for growth
To bring this vision to life, MCF first had to migrate from Curtains, their previous financial management platform, which is popular among the British credit unions, yet not fit-for-purpose. MCF wanted to scale and adapt their offering quickly and easily and therefore decided to take the cloud approach.
The team went to the market to find a new solution and in July 2016, finally began their cloud journey. MCF chose Mambu because of the robustness of the system, security, ease of use and support.
The impact
Future-proof services for borrowers and lenders
- 3-week implementation, with a team of three people
- Efficient straight through processing of loan and deposit applications
- High scalability and reduced operational costs
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