PODCAST: Turning credit unions into fintechs

Credit unions across the U.S. are navigating technological advancements, generational shifts, and an influx of financial options.

Withclutch formed in 2020 to make this process easier by "turning credit unions into fintechs."

To Withclutch CEO and co-founder Nicky Hinrichsen, this means providing advanced digital experiences that enable credit unions to better serve their members.

"We believe credit unions have the best loan products and lowest rates, so wouldn't it be great if all of consumer loans went to credit unions?" says Hinrichsen, who joined this Withclutch-sponsored episode of the CUNA News Podcast. "The main reason we believe that hasn't happened yet is these direct-to-consumer fintech lenders have better digital experiences."

How can credit unions improve their digital experiences? And how will better digital experiences enhance member service and relationships?

Hinrichsen sat down with CUNA Digital Media Design Specialist Yeekeng Yang to answer those questions and more, including the collapse of Silicon Valley Bank and what's in store for the credit union movement.

You can listen to the CUNA News Podcast in Apple’s iTunes Store, Google Podcasts, Spotify, and Stitcher Radio.

In this episode:

0:43: Intro

1:22: Intro to Nicky Hinrichsen

3:32: SVB Collapse

8:10: Digital Account Opening

11:46: Changes CUs need to make to adapt

14:49: Big players in making CUs futureproof

17:03: SVB investors on CUs

19:42: Role of legacy software providers in digital transformation of CUs

22:22: How Clutch maintains relationships with CUs as the company grows

26:32: How CUs can help Clutch help them

29:37: Will Clutch work with banks?

31:29: Nicky's exit strategy