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.
Special Report: Fintech
