The landscape around fintech has been rapidly changing for years. What began as a method to disrupt the finance industry is now a tool for financial institutions to leverage to improve product offerings. There has been a surge in fintechs as they create technology to address the friction in traditional banking processes and monetize these efforts into a revenue stream.
For credit unions, there is a clear advantage to partnering with fintechs. Fintechs target specific channels and issues, delivering solutions to solve institutions’ problems or address the needs of members in a better way. A true win-win, credit unions do not have to build out the expensive, innovative technology themselves, but are still able to provide enhanced products and services to their members.
In selecting the best fintechs to partner with, credit unions must let their strategic and member needs drive their selection as well as look for the three key components that make up their ideal fintech vendor.
