From disruptors to partners: Vetting, open platforms and influence in the strategic road map boost credit unions’ efforts to work with financial technology companies.
A 2019 study by CUES strategic provider Cornerstone Advisors, Scottsdale, Arizona, shows that credit unions have a strong interest in working with fintechs. Of the 145 CUs responding to the survey that formed the basis of “What’s Going on in Banking 2019,” 60% said fintech partnerships, collaborations and/or investments would be important to them in 2019.
But what are CUs trying to accomplish with their fintech efforts? Three-quarters of respondents said digital account opening was a very important reason for working with a fintech. This was followed by lending and credit, cited as very important by 56% of respondents; payments (54%); and fraud and risk management (42%), according to the free report.
What will drive success when working with these companies? In this special report, we explore how CUs can thrive with new and diverse fintech partnerships.