Credit unions eagerly pursuing fintech partnerships
NEW YORK
25 Apr 2022
Credit unions are having to keep up with shifting consumer expectations, shaped by the latest offerings from digital challengers. Their previous technology priorities, such as mobile wallets and digital account openings, have become must-haves, forcing them to look to new services to remain competitive.
“New areas are overtaking these priorities for credit unions,” said Owen Wheatley, lead partner for banking and financial services at Information Services Group, a consultancy in Stamford, Connecticut. Wheatley’s list includes real-time payments, cryptocurrency services and customized product offerings, such as artificial intelligence-based loans.
Lacking the budget to develop their own real-time payments, Bitcoin accounts and AI-based lending, credit unions are working with third parties to develop new services, reach new members and remain relevant to younger consumers.