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Every credit union feels the pinch of the fintech industry whether it’s the little players like Acorn or the behemoths such as Amazon.
Strategy consultant Lauralee Hites outlined the challenges fintech present to credit unions and the opportunities the competitive landscape offers during a breakout session at the recent CUNA Technology Council and CUNA Operations and Member Experience Council Conference.
More than 2,000 fintech firms entered the market between 2008 and 2018, according to a Deloitte study. While relatively few of those companies have gained market share, a few have captured consumers’ attention with unique products and value propositions.
“Let’s not let it be death by a thousand cuts,” Hites says. “The conversation now is what’s driving people to do this.”
Successful fintech products share a few traits:
Hites offers several questions credit unions should ask themselves when designing new products and services: