A naukri.com initiative
Pymnts
6d
144
Image Credit: Pymnts
Dream Team: Credit Unions and FinTechs Partner to Deliver Financial Innovation
- Credit unions (CUs) are partnering with FinTechs to deliver innovative products and services, as CUs alone often find themselves outmatched in the evolving competition.
- 66% of FinTechs see CUs as clients while 9 in 10 view them as collaborators, providing cost-effective innovative solutions to meet evolving member needs.
- The collaboration between Scienaptic AI and KCU aims to enhance lending capabilities, improve risk management and provide inclusive financial services, empowering CUs to meet evolving member needs while fostering financial wellness across their communities.
- Challenges like slow decision-making speeds, incompatible core systems, lack of innovation readiness, small budgets, and a lack of skilled employees make it difficult for CUs and FinTechs to collaborate.
- CU members expect their banking experiences to be seamless and convenient. 23% of Gen Z consumers choose their FIs based on self-service banking convenience which aligns with FinTechs' development of self-service digital solutions tailored to CUs.
- Pinwheel simplifies direct deposit switching with its credential-less solution, facilitating smoother onboarding through an FI’s mobile application, capturing more deposits, reducing churn and building strong member relationships.
- By aligning innovation roadmaps, focusing on shared objectives like improving operational efficiency and enhancing the member experience, CUs and FinTechs can collaborate more effectively, and leverage their respective strengths to create a win-win situation.
- Velera recognizes the importance of collaboration between credit unions and FinTech providers, and with its Fintech Engagement Program and Innovation Alliance, it helps bridge the FinTech-credit union gap, providing a collaborative space for developing new solutions that meet the needs of both credit unions and their members.
Read Full Article
8 Likes
For uninterrupted reading, download the app