CUDX’s Doug Vanderpool Updates and Demos the Credit Union Data Sharing Tool

Credit Union Data Exchange (CUDX) Chief Technology Officer Doug Vanderpool joined us on the show to provide an update on the status of CUDX, as well as a demonstration of what the interface looks like and the platform’s capabilities.

Doug talked about how CUDX is a way for credit unions to securely share and access data from other credit unions, allowing them to gain access to greater insights and better power AI and machine learning models. 

He added that it’s a way to level the playing field between large banks and fintechs — who traditionally have access to more data — and credit unions, by embracing the spirit of “collaboration between collaboratives.” 

With the power of CUDX, credit unions can better anticipate trends, identify potential risks, and have the power to make data-driven decisions. Credit unions know about the importance of collaboration and CUDX this is a real, low risk, low-cost way to do that. 

Doug shared that, as of right now, the platform is up and running for beta users in a proof-of-concept capacity. On August 5, 2024, the full proof-of-concept launches and will run for 90 days. Starting November 4, 2024, the initial offering will open. This will resemble the proof-of-concept version but will be accessible by every CUDX participant, which means your credit union could be in the CUDX platform, gaining access to valuable information before the new year.