Was 2016 the year credit unions came around to the idea of partnering with fintech companies?
Not quite, Jonathan Mills Patrick, Jack Henry & Associates’ strategic & innovation analyst and advisor, tells the CUNA News Podcast. But whereas credit unions often viewed financial technology firms as rivals, many now entertain the idea of working with them.
“More credit unions are becoming interested in the fintech space," he says. "They're very aware of it. They're sort of monitoring what's going on, looking for use cases, who's doing it, who isn't, and what are the success stories.”
Some credit unions have already entered partnerships and others are investigating where fintech firms can augment the services they offer, says Patrick.
“We're seeing less talk of this idea of ‘disruptors’ and more talk of the idea of partnering,” he says. “But there still is some apprehension.”
Prior to his work as a consultant, Patrick was the senior vice president and chief lending officer for UT Federal Credit Union in Knoxville, Tenn.
While working at UT Federal in 2014, Credit Union Magazine named him a Credit Union Rock Star for developing a successful program to fund startup business ventures.