Credit unions enlist fintechs to vie with commercial, challenger banks
26 Aug 2021
The ongoing challenge for credit unions of how best to upgrade technology to compete with traditional banks and challenger banks is an internal conflict that many believe has an external resolution.
Developing new technology and integrating it into a credit union’s suite of services is a time-consuming and costly process. Many small institutions simply don’t have the economies of scale required to undergo a digital transformation and retrain staff.
Credit unions have partnered with firms like Posh Technologies, which grew from MIT’s artificial intelligence lab in 2018 as part of the Spoken Language Systems group, and Alacriti, which offers cloud-native payments processing software, to do things like increase decision-making speed through artificial intelligence and improve member-facing mobile applications.