Are you worried about the disruption financial technology (fintech) startups are bringing to the financial services industry?
Don’t be afraid, says David Araujo, vice president of technology for Digital Federal Credit Union in Marlborough, Mass. “Let’s get to know and understand them. Maybe they need us as much as we need them.”
In fact, many fintech companies are working on the same solutions you need and your members want.
During a recent CUNA News Podcast, Greg Palmer, vice president of Finovate, says credit unions are in a unique space when it comes to fintech innovations.
In many cases it’s easier for credit unions to adopt a new piece of technology, he maintains, because they can be more nimble than larger institutions.
Finovate hosts demo-only conferences throughout the year that showcase cutting-edge innovations in banking and fintech. Of the company’s 10th anniversary show this fall, Palmer says many solutions were fit for credit union operations, including:
• The member experience. Many demos over the years have focused on engaging consumers as members, and on improving their overall experience, Palmer says.
But the innovations just get better.
• Financial solutions for members. Again, Palmer explains that new tech increasingly is dedicated to helping members see their financial patterns, understand their budgets, and learn about new payments options.
Consider what you should be doing for members that you’re not currently doing.
“As we look at the way consumers will select financial institutions, geography matters less and less,” Palmer says. “The world is getting smaller and technology is giving consumers access to financial opportunities they didn’t previously have access to.”
And you can also explore the work being done by the credit union industry’s Filene Research Institute and its i3 group.
ANN PETERSON is Credit Union Magazine’s editor in chief.