By Kris Kovacs, President Constellation Digital Partners, Raleigh NC
Constellation Digital Partners may not have existed without MEMBERS Development Company. It might sound a bit hyperbolic to say, but it is true. We can trace our origin story to the experiences our partners had by being members of MDC.
Constellation Digital Partners is a new credit union service organization, founded by a cohort of innovative and forward thinking credit unions and service providers, the vast majority of which are members of MDC. Today, Constellation is building the first open development platform for digital financial services that represents an entirely new way for credit unions and fintech providers to collaborate on mobile and online services. It isn’t a stretch to say that without MDC it may not have happened.
As I mentioned, the majority of our investors are active owners of MDC. They include both credit unions and fintech service providers that spent time studying solutions to problems faced by credit unions and our members. Through informative and interactive sessions at MDC Owner Meetings and participation in their Innovation Council, MDC owners are imbued with the spirit to attack problems by working together on solutions. MDC owners are organizations of action, unlike the many passive organizations in our industry that wait for solutions to fall into their lap while spending their precious time and energy complaining about WHY they can’t move forward. That is not the case with MDC owners.
Over the years, our credit unions were a part of many solution design efforts, experiments, demonstration projects and full-on investments in solutions all driven through MDC.
In the early stages of our development we looked for organizations that might be interested in joining our research and development project; we went immediately to our fellow MDC owners. Their interest and support in our project was overwhelming. We received greater interest and investment than we were originally seeking.
As we moved from R&D to founding the new CUSO, we recognize that the support from MDC community was instrumental to our success. Owners of MDC have helped us refine and improve on our plan, designs, and models even if they were unable to make a capital investment.
We are headed toward the first release of our platform at the end of the fourth quarter. Our partners are now imparting that same spirit of innovation into the services they are already creating for the platform. The Constellation Digital Platform will revolutionize how secure financial services are purchased by credit unions and made available to credit union members … unlocking innovation and providing credit unions with a strategic advantage to thrive and win the digital battles of tomorrow.
If you are interested in finding out more about Constellation Digital Partners, our CUSO investment opportunity, or the Constellation Digital Platform, please visit http://www.constellation.coop. You can also follow us on Twitter at @ConstellationDP.
You can also follow Kris on this amazing journey on twitter at @ManagementBytes