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Credit Unions Can Maximize Their Growth and Innovation Potential with The Right Fintech Partner

Ben Maxim, Chief Operating Officer, Reseda Group

Reseda Group

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Credit Unions Can Maximize Their Growth and Innovation Potential with The Right Fintech Partner

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Digital Banking and Financial Wellness


Consumers demand digital convenience in every aspect of their financial lives, especially when it comes to digital banking. In an era where fintech is continuously innovating the digital customer experience, it’s understandable that many traditional financial institutions are unsure about their ability to compete in digital strategy. Larger financial institutions tend to have in-house teams to drive innovation, but this scale is not required to innovate. Innovation can happen at any scale and Credit Unions can tap into their nimbleness by forging partnerships with fintechs to leverage the sophisticated tech, dexterity, and capabilities that they offer.

Partnering with fintechs allows credit unions to remain focused on strengthening relationships with their members while staying digitally competitive in a rapidly evolving market. Members have come to expect user-friendly interfaces, mobile accessibility, personalization, real-time transactions, innovative features, and more. Especially since their interactions with other brands, such as Netflix, Amazon, and Instagram, are all providing this same type of experience.

Partnering with fintechs can unlock tremendous growth opportunities. Successful collaborations keep credit unions ahead of the curve in a competitive financial market thanks to cutting-edge technology, innovative solutions, and digital strategies that not only enrich member experience, but help credit unions tap into new revenue streams. But how do you find a partner that’s right for you? There are three significant factors to consider in your search for a good fit:

  1. First, look at your strategic goals and initiatives for the next year, three years, and five years. Use those to determine where a fintech partner may be able to provide a solution that helps you reach your goals.

  2. Remember your member demographics and ensure potential partners will engage with that demographic. Is the new fintech solution designed to engage with the demographic you want it to?

  3. Does the potential partner align with your culture? A successful collaboration between a credit union and a fintech partner must be based on more than just technology. Before you consider partnering with a company, assess the potential partner’s work culture, approach to customer service, goals, and how they prefer to communicate and collaborate.

Ultimately, these collaborations empower credit unions to not just survive but thrive in the rapidly changing financial landscape. Understanding that members have different apps and relationships with brands they are already using and tying together with their smartphone, provides an opportunity for credit unions to do the same with their digital banking experience. A credit union can use data to provide insights into member behavior. Integrate that data digitally, and a credit union can personalize messaging based on location and account information. Take it a step further by integrating a third-party app that brings gamification to the content members are absorbing, driving that digital engagement beyond transactions.

Credit unions that can combine user-friendly interfaces, mobile accessibility, and real-time transactions are able to foster a robust and enduring relationship with their members. By aligning with fintech partners that share strategic goals, understand member demographics, and resonate with cultural values, credit unions can remain at the forefront of the digital revolution in banking.

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