force innovation – and that ’ s a positive outcome , because it means credit unions have to address their shortcomings and provide better services to stay relevant .
“ The fintech space is moving at a blistering pace , providing benefits larger banks simply do not offer . Traditionally , larger banks have not offered the flexibility to get to market with new solutions quickly enough . In contrast , fintechs enable speed to market and can help credit unions maintain market share with adaptable practices .”
He points out credit unions have had an easier time accepting adaptation than incumbent banks because they have a more agile approach to change . He concludes , “ Credit-unions have no interest in protecting old legacy systems or incumbent technologies that protect their profit margins . The result means they are able to look to introduce new innovative technologies that bring a wealth of new offerings and services for credit union customers .”
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