LAKE BUENA VISTA, Fla. — How much is it going to cost, how will it benefit members and will it really save credit unions time and money?

The four-member panel boiled it down to those points as they peppered the five candidates competing Tuesday in “The Next Big Idea” competition put together by the National Association of Credit Union Service Organizations and the Filene Research Institute.

Each candidate was allowed a certain amount of time to present their ideas and then the judges asked questions. Presentations were made by:

Buffalo Pacific Omni-Series, a firm that provides 3D telepresence technology that allows members to communicate with credit union experts, wherever they may be, leveraging time, talent and location to enhance member communications.
The Intercept CUSO near-prime alternative lending program exclusively for credit union members that don't qualify for loans from their credit union.
NagraID Security's card authentication and protection of credit union members' card- based payments using new display card technology and certified by MasterCard and Visa.
Mortgage Harmony's Harmony Loan that aims to eliminate the need to refinance and streamlines the mortgage industry by aligning interests of the borrower, lender, loan officer, servicer and investor.
nCinco's cloud-based operating system that consolidates traditional systems into a single platform, providing a 360 degree real-time view of member relationships.

At the end of the presentations, attendees at the session held during NACUSO's annual conference were allowed to text their vote via a special mobile app. Votes were tabulated in real time on a screen for all to see.

Early voting had nCino in the lead and then at one point, vying for the top spot with Mortgage Harmony.

After 246 votes, nCino emerged the winner. The final tally was nCino: 132 votes; Mortgage Harmony: 41, NagraID Security: 33, Buffalo Pacific: 32; and Intercept CUSO: 8.

Judging the Next Big Idea competition were Robert Herjavec, judge on the ABC television show “Shark Tank”; Mike Kelly, president/CEO of PSCU; Stephanie Sherrodd, CEO of Texas Dow Employees Credit Union; and Sarah Canepa Bang, CO-OP Shared Branching-FSCC president. Guy Messick, NACUSO general counsel, served as moderator.

Most of the judges agreed that nCino's model was implementable.

“It's a great idea,” Herjavec said, after getting more information from Pierre Naudé, CEO of nCino, who gave the presentation.

“Just walk us through how you make money,” Kelly asked. Naudé responded the system has an entry point of $20,000.

Canepa Bang had questions about whether nCino's system replaces a credit union or complements it. Naudé said the latter.

Started in February 2012, the Wilmington, N.C.-based company said it was able to raise $23.6 million and currently serves 40 clients.

Read our complete conference coverage:
nCino Chosen 'Next Big Idea'
'Shark Tank' Exec Says Expect to be Breached
CUSO Exams: Good, Bad & Ugly
How to Build a Compliance CUSO
Secrets to Mortgage Lending Profitability
What Time is the 3 O'Clock Parade?
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