Nutmeg Contributes to CT Innovation with Bold Technology Strategy

Connecticut’s recent rise in Bloomberg's most innovative U.S. economies list comes from the efforts of boundary-pushing organizations like Nutmeg State Financial Credit Union. In just one year, the Rocky Hill credit union acquired a leading technology company, launched two DMV Express locations and introduced self-service kiosks to offer a more efficient banking experience. Nutmeg’s commitment to introducing and improving technology has heightened the experience of consumers and local businesses across the state.

“We have always been dedicated to providing exceptional service for our members,” said John Holt, President and CEO of Nutmeg. “As the industry changed, we knew that technology would be the next step to making our services even easier and more convenient.”

Following a major update to their online banking platform in 2016, Nutmeg has worked hard to provide seamless electronic services for their members with a focus on self-service and automation. Members can conduct nearly all of their banking transactions online through the credit union’s e-Banking and Mobile App services, or instead visit a Nutmeg branch outfitted with full self-service kiosks. The user-centric experience offered by these machines was designed entirely in-house—a first for local credit unions.

Nutmeg’s unique technology also extends to their business-focused initiatives. Since their designation as a Small Business Administration lender in 2018, the credit union has applied their innovative technology to their lineup of business products and services. Nutmeg’s all-online Commercial Loan application process, for example, comes with the same technology developed for their self-service kiosks and grants businesses the benefit of user-friendliness that is quickly becoming an industry staple. The credit union also strives to build relationships with local businesses through community events, where Nutmeg employees offer financial wellness information and more.

In addition to their member-facing services, Nutmeg has developed DMV-exclusive technology that is available to all state residents. Among the credit union’s most significant innovations last year was their partnership with the CT Department of Motor Vehicles and the subsequent launch of two DMV Express locations. In Milford and North Haven, CT residents can renew or replace their driver’s license with an average wait time of only ten minutes—a service made possible with new technology developed by Nutmeg.

“Our partnership with the DMV has been mutually beneficial,” said Holt. “At our shared-space locations, we can offer our products and services to an all-new customer base of guests visiting for the DMV Express. I’m very happy to report that these locations have seen great success since they’ve opened.”

Much of Nutmeg’s recent technology advancements have come as a result of their 2018 purchase of DaLand Solutions, an experienced provider of technology and professional services to credit unions nationwide. As Nutmeg’s subsidiary, DaLand now operates entirely as a credit union service organization (CUSO) to provide credit unions with innovative tech improvements, platform conversion plans and more.

“Our vision for the future is to be even more aggressive in pursuing a wide range of technology initiatives,” said Holt. “As we become an even bigger influence in the national financial services marketplace, we are excited to make a positive impact on Connecticut’s economy.”

About Nutmeg

Chartered in 1936 and headquartered in Rocky Hill, Nutmeg State Financial Credit Union is open to anyone who lives, works, worships, attends school or volunteers in the Hartford, New Haven, Middlesex or Tolland Counties as well as the cities of Shelton, Stratford and Bridgeport, Connecticut. They offer members a friendly banking environment and take pride in educating consumers about the advantages of joining a credit union. Visit them at www.nutmegstatefcu.org for more information.