Financial experts said instead of being competitors credit unions and fintech should collaborate together to gain more success business.
The experts said while it is correct to think that fintech can pose a threat to traditional financial institutions, this situation is also the right time to forward-thinking organizations.
The experts explained that Fintech can be beneficial for both members and credit unions because it provides greater access and convenience to financial services for members while increasing efficiencies for organizations.
They said to stay relevant today edit unions may find partnering, investing in, or acquiring another organization
with a proven solution in the marketplace is often the best solution because technology moves so fast.
To all those credit unions who wish to partner with a fintech company these three tips will help you achieve your goal fast.
Identify characteristics – before rushing things out make sure you know what you really want on your fintech partner. Make sure your chosen fintech will help your company grow as far as investments are concerned. The character to consider should include: size, products and services, capabilities, members served, and key employees or management.
Develop metrics – having the right metrics will you stay focused and strategic at all times. Always remember that you should also prioritize and weight your metrics based on what is most valuable to you. Not everything is equally important. For example, if your goal is to augment your workforce with expertise in peer-to-peer payments on board, then key employees or technology will be weighted more highly than location of the organization.
Be proactive – Instead of waiting for the right fintech company you should cast a wide net by searching at conferences and trade shows, conducting market research, getting input from your employees, or even considering organizations that are for-sale.
Put in mind always that being proactive and building a robust pipeline will greatly increase your chances of finding the right partner for you. Whether you decide to partner with another organization or build your own solution, one thing is clear: credit unions must
leverage fintech to provide value to members.
The experts always said that collaborating with an existing fintech organization through an investment or
acquisition allows you to immediately meet the needs of your members with a “ready-made” solution.