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How Fintech Can Align with Credit Union Innovation Plans
Many FinTechs are partnering with credit unions (CUs) and other financial institutions (FIs) to deliver the innovative products and services that today's digital-first consumers expect. In fact, nearly all financial institutions view CUs as collaborators rather than competitors. To be successful partners, FinTechs must align their innovation roadmap with the CU's innovation agenda.
A key goal for fintechs is innovation around self-service banking. According to PYMNTS Intelligence data, most fintechs are planning at least one self-service banking product. This is one way that fintechs' innovation roadmaps align with CUs' plans. But our latest report uncovers areas of mismatch that fintechs need to address.
these are”How Fintech Can Align with Credit Union Innovation Plans“, PYMNTS Intelligence and Bellera (Formerly PSCU/Co-op Solutions) Collaboration. The report examines how fintechs are innovating to meet the financial needs of CU members. The report is based on a survey of 110 fintech executives who serve financial institutions and individual consumers. The survey, conducted March 7-April 1, explored how fintechs are partnering with CUs to deliver innovative banking solutions.
The report also includes analysis of a survey of 200 CU executives conducted between March 7 and April 2. The survey was designed to understand CUs' current product and feature offerings, as well as their plans for future innovation.
“How Fintech Can Align with Your Credit Union's Innovation Plan” includes:
- Obstacles faced by fintech companies when selling to CUs
- Learn more about how fintech companies view their relationships with CUs
- What products and capabilities will fintechs offer in the next three years?
- How a fintech innovation pipeline helps CU meet the needs of its digital-first members
- How FinTech innovation priorities differ from CU priorities
- The internal challenges fintech companies face when bringing innovations to market
Fintechs are partnering with CUs to deliver the products and services expected by today's digital-first consumers, but these partnerships are not without friction. This report explores the internal and external challenges fintechs face in bringing innovative products to market.
Eight insightful data charts explore the opportunities available when fintechs align their innovation roadmaps with CUs' desires. Download the report to learn how both companies are innovating digital banking and payment solutions to drive future growth.
