In the past, credit unions saw fintechs as some of their main competitors. However, many have turned into valuable partners offering solutions that can support member needs. Today, fintechs recognize that they are better than credit unions in certain instances and vice versa. While credit unions understand member needs, how to develop relationships, and how to safely provide financial services, fintechs use some of the latest technology to solve specific problems. This can be paired with CORE software to deliver solutions that support member needs.
The Power of Partnership
Every credit union's goal is to create value for its members. And when it comes time to expand your horizons as a credit union, you have a major decision to make. Do you want to build? Buy? Or partner? Building your own in-house solutions isn't always a viable option for credit unions. On the other hand, purchasing these solutions from a vendor can rack up a seemingly endless amount of expenses and layered contracts that can be time-consuming to manage. However, when you choose the partnership route, you can get the best of both. In a partnership, you can ease the burden of development and management on your own team by handing them off to your partner.
Working with a CORE software company that partners with fintechs can play a significant role in your credit union's overall success. They can work together to help create solutions for everything from onboarding and lending to credit score monitoring and digital payment management.
At FLEX, we take our potential fintech partners through a rigorous interview process to ensure they are a good fit. We want to get a feel for who they are and their level of trustworthiness. We also make sure that they understand the role of credit unions, the goals associated with them, and the specific services they are ready to offer your members.
On your end, it's important to check in with your members. Ask them what they're looking for at your credit union. What do they currently like about your products, services, platform, etc.? What do they not like? Use existing data to see where they are spending money and identify trends. The best way to figure out how to move forward is to pinpoint your members' needs and wants. After all, your #1 priority is to serve them as best you can! And our priority is to help you do just that.
CORE Software and Fintech Partnerships Create Successful Credit Unions
These days, fintech partnerships are more than just an option; they're essential to remain competitive in the industry. Instead of focusing on the past rivalry, your CU should embrace the benefits that come with CORE software and fintech partnerships.
The secret to offering the best technology to your members lies at the 'core'. A technology partner that encourages third-party integration provides credit unions a new level of freedom when choosing what technologies they want to incorporate and what services they choose to offer their members. Download the FLEX Core Integrations eBook to learn how FLEX can connect your credit union to the open world of financial services.