Introduction
As we close out 2024, it’s incredible to reflect on the transformative journey we’ve experienced together. This year has been marked by groundbreaking innovations, significant achievements, and milestones that celebrate resilience, adaptability, and collaboration across Wellington IT, our team, and our partner Credit Unions.
Key Achievements
- €1.4 billion in loans paid out by our partner Credit Unions, representing a 3.6% increase from the previous year.
- 4.1% growth in online loan applications and payouts.
- 15.2% increase in new members joining online.
- 12,000 new Current Accounts opened, contributing over €10M in value.
- 5% rise in average loan amounts, reflecting growing member confidence
A Year of Innovation and Resilience
Revolving Credit
This unique product has revolutionized member access to funds, boosting loan books by over €250,000 in 12 months. It’s a testament to our shared commitment to innovation. Learn more about Revolving Credit on our website.
Mortgage Module Enhancements
In collaboration with Credit Unions, we enhanced mortgage management tools, empowering them to deliver flexible, scalable solutions. Our Standardised Mortgage Module is set to roll out in Q1 2025—a pivotal advancement for Credit Unions and their members.
Open Banking Integration
Through our partnership with TrueLayer, Open Banking has simplified loan processes, reducing back-and-forth while enhancing member experiences. With over 10,000 live links and growing adoption, this feature underscores the value of streamlined, secure banking solutions.
Cloud 2.0 Investments
Building on a €600,000 investment in our data center last year, we expanded our private cloud infrastructure to deliver:
- Over 100% capacity growth.
- Advanced security and fault tolerance.
- 99.9%+ availability.
With 60% of our customers projected to be on Cloud 2.0 by June 2025, the future of cloud technology is bright.
Operational Resilience & D.O.R.A
Through proactive planning and collaboration, we bolstered our Operational Resilience Framework to meet evolving regulatory requirements, including the Digital Operational Resilience Act (D.O.R.A). These efforts ensure seamless, secure service continuity for Credit Unions. Read our Compliance & DPO Ben Roy’s blog post on D.O.R.A and SEPA Instant Payments.
Celebrating Excellence
CXi Award Winners – 10 Years Running
Our partner Credit Unions achieved an extraordinary milestone by winning the CXi Award for the 10th consecutive year. This accolade reflects their dedication to delivering exceptional member experiences and innovative financial services.
cuEngage Live!
These community-driven events offered invaluable opportunities to share best practices, foster relationships, and align our partnership-focused approach with the evolving needs of the Credit Union industry.
A New Wellington IT Website
In Q1 2024, we launched a refreshed website, designed to ensure information, blog posts, and case studies are clear and easily accessible.
Celebrating 10 Years with Vencora
December marked a significant milestone: ten years since Wellington IT joined the Vencora family. This partnership has provided the resources, expertise, and support needed to deliver top-tier solutions to Credit Unions across Ireland and the UK. Over the past decade, we’ve built strong connections with colleagues from 77 companies, fostering innovation and collaboration. Watch our anniversary video to see how this partnership has empowered Wellington IT and our Credit Unions.
Looking Ahead to 2025
With AI-powered knowledge bases, enhanced digital tools, and continued collaboration, 2025 promises even greater opportunities for innovation and growth. We’re excited to build on the solid foundation laid in 2024, ensuring our Credit Union partners are equipped to thrive in an ever-changing financial landscape.
Thank you for being part of this incredible journey. Here’s to a successful and impactful 2025!