Credit Unions Invest in FinTechs to Shape the Future.
Michael Abraham, the chief strategy officer at Great Lakes Credit Union (GLCU), has identified shortcomings in how the $2.4 trillion credit union sector has operated for years. Many credit unions simply don’t have the funds, expertise, or personnel to develop crucial tools like digital wallets or AI chatbots. They struggle to modernize outdated systems for […]
Why FinTechs View Credit Unions as Their Next Major Expansion Opportunity
The landscape of financial services is evolving, with credit unions playing a pivotal role. As fintech companies move away from traditional banks, they are forming dynamic partnerships with smaller, more flexible institutions. What’s behind this strategic shift? PYMNTS Intelligence and Verella take a closer look at the technologies influencing these changes, motivations, and the next […]
Review of Open Banking by CFPB May Create Tensions Between Banks and FinTechs
CFPB to Revisit Open Banking Rules The Consumer Financial Protection Bureau (CFPB) is set to review its open banking regulations. These rules, initially introduced last fall, address how financial data can be shared among consumers, banks, fintechs, apps, and digital wallets. They also outline liability and fee structures concerning data security and sharing between financial […]
FinTechs Now See Credit Unions as Collaborators, Not Competitors – PYMNTS.com
Download the playbook 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 […]
How thousands of Americans got caught in fintech’s false promise and lost access to bank accounts – CNBC
The app gamifies personal finances with weekly sweepstakes and other flashy features, and occasionally covered some of her transactions. “You could go buy something and get something free with your purchase,” Kraft told CNBC. Now her entire life savings, $7,006, is trapped in a complex dispute playing out in bankruptcy court and online forums. Reddit […]