CREDIT UNIONS
Modern-day credit unions are getting on board with sizeable shifts in the finance industry , leveraging fintech partnerships to improve their technical infrastructure and deliver personalised experiences to customers .
While national and international banking institutions are shutting down branches in various towns and cities , credit unions – by and large – are seeking the best of both worlds , retaining their in-person presence while digitising core services to reach a new , technologically-enabled demographic of customers .
Perhaps this is why Zur Yahalom , SVP and Head of Financial Services for North America at Amdocs , believes “ 2024 will prove to be the year of the credit union ”.
Through strategic collaborations with fintech partners , credit unions are finding a new way to compete with major banks .
For Steve Round , Co-founder at SaaScada , the “ greater availability of core banking technology has been a game changer for credit unions , allowing them to better understand members ’ financial needs and tailor products accordingly , and at pace ”.
Indeed , the number of new fintech startups proliferating the market has increased in recent years too , giving credit unions more options when looking for the right solutions . This , as Round puts it , helps them “ deepen relationships with existing members , attract a new generation of members and unlock new revenue streams .”
Not only does this help credit unions compete with bigger players , he adds , but enables them “ to make braver decisions to ensure members ’ needs are being delivered ”. fintechmagazine . com 59