Embracing fintechs Embracing fintechs and the advancements in technology they bring is , for Douglas , a reaction to consumer demand . “ We want to meet our customers where they are , creating an environment where they can get to us without having to come to us .”
Partnering with new vendors has already helped Credit Union of America to open online accounts , implement phonebot technology and get parameters in place to create a data warehouse , from which new fintech vendors can integrate with one another and have immediate access to pools of data .
It ’ s not just about embracing the technological demands of customers today , as Germann points out when he joined Credit Union of America in 2015 : “ We had just under US $ 600m in assets then ; now in 2023 , we ’ re at US $ 1.5bn in assets . We have more than doubled in the last eight years as technology has been implemented .”
Not one to shy away from a forwardthinking prediction , Germann believes the growth he has seen since joining the credit union “ will be slow compared to the next five years .”
In fact , his claim is far from bold . As the proliferation of technology continues across the financial sector , the key for Credit Union of America now is to ensure “ that member experience remains no matter where they are ,” according to Douglas .
Part of this is curating the right omnichannel approach , facilitating both the digital and in-person needs of credit union members . Douglas adds : “ We ’ re trying to bring in technology , utilise and build that technology so that the member that comes into the branch and the member that does things online have the same experience with us , regardless of how they interact with us .”
To achieve this omnichannel approach , Douglas feels it important to not “ get too far ahead and push away the face-to-face interaction ” members are accustomed to .
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