MSUFCU
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Compliance front of mind While implementing AI alongside machine learning and other tech innovations can boost customer satisfaction and backend processes , an important part of integrating fintech partners is to ensure technology is streamlined to the specific regulatory requirements partnering with a credit union entails .
Maxim notes : “ When fintechs want to work with us , MSUFCU may be the only credit union they ’ re partnered with . So , along the way we are teaching them what it means to work with a credit union ; what our regulations are , what our examiners care about ; and what our compliance needs are .”
For Maxim , it is therefore important to make sure the onboarding process is robust and thorough . “ We ’ ve built extensive compliance , risk and legal teams here at MSUFCU . So , for us , it ’ s imperative we thoroughly analyse any new partnership to make sure there are no data privacy concerns , no reputation risk , and if we ’ re using data , it ’ s important we ’ re permissioned properly .”
Nurturing an ecosystem Establishing partnerships with fintech vendors is one thing , but nurturing an ecosystem , where each vendor plays into MSUFCU ’ s wider orchestral tune is another . While some vendors are commoditised , the “ key differentiators ”, as Maxim calls them ( businesses tied to MSUFCU ’ s core banking solutions ), are imperative to the credit union ’ s functionality .
“ With a payment provider for example , like Visa , if they don ’ t do well or integrate into the broader scope of the credit union then that stops us running our business . As a result , we focus heavily on getting the right balance between our different vendor partners . But , we want these integrations as it makes us a stronger company and helps make them a stronger partner .
“ We really want to nurture these bonds and share them with the greater credit union industry . That ’ s why we formed our wholly-owned Credit Union Service Organization ( CUSO ), Reseda Group , to start making investments in fintechs , to make sure we have the right partners on board and be a strategic advisor for them too .”
A fintech future With a new branch recently opened in Detroit , MSUFCU is keeping its commitment to an in-person credit union experience , alongside the implementation of tech to create an omnichannel customer experience .
Maxim hopes the credit union ’ s growth will only continue . He concludes : “ One of our major focuses is on branching , opening up in new markets while improving the offering in the places we ’ re already in .”
“ So , we ’ re all about scale at this stage and we plan to overhaul all our digital channels to better support the fintech partnerships we have . This will make it easier for us to play , test new technologies in our ecosystem and pull it back if it isn ’ t working .”
“ As we rework our website , online banking , our iOS and Android apps , we believe at MSUFCU that this will enable us to move forward significantly with our technology offering .”
74 August 2023