It's an exciting time to be a credit union, as the industry is currently experiencing a variety of historic changes. With these changes, come tremendous opportunities to fulfill the public's financial needs faster and easier. As advanced technology continues to force adaptation and consumer demands continue to shift, credit unions (CUs) have the chance to serve members in new and innovative ways. Although today's credit unions face stiff competition from big banks and fintechs, embracing new opportunities and remaining flexible to the ever-evolving financial landscape are key to staying top of mind for the consumers of today.
When you look at how vehicle purchasing and financing have changed, you'll see that the entire purchasing process is now conducted completely online. Since everything is switching over to fully digital experiences, it's important to note that consumer touch points will occur earlier in the buyer journey. As a result, credit unions must ensure online visibility, in order to successfully engage with consumers quickly and efficiently. Many financial institutions have already shifted their focus to digital, attracting more consumers with convenience, and fintechs are actively developing new solutions to improve the consumer experience every day. So how do CUs level the playing field?
The Power of CORE Software Solutions & Fintech Partnerships
Although many credit unions have deemed fintechs to be the enemy, these companies can actually become beneficial partners. And better yet, when you pair these strategic partnerships with integrated CORE software, you have unrestricted access to a variety of member solutions, spanning from lending and onboarding to digital payments and credit score monitoring. Fintechs have the ability to offer CUS many of the latest technology that opens the door to new product and service offerings, while credit unions allow fintechs the opportunity to integrate their own products and services.
Many credit unions utilize efficient core data software that not only builds the technology they need to thrive but also offers the ability to leverage fintech partnerships to support member needs. Through seamless core integration, a user-friendly experience, and incredible adaptability, the right core software is designed for credit union success. FLEX is a technology partner that doesn't shy away from third-party integration. We give credit unions the independence they need when deciding on specific technologies and product/service offerings.
Final Thoughts
Today, fintech partnerships are necessary for credit unions to remain a strong force in the industry. Rather than viewing fintechs as your adversaries, start seeing them as potential assets to your CU and your members, because that's exactly what they can be if you're willing to be a team player. With their help, you can achieve greater things than you could have on your own. Incredible opportunities await your credit union and members, and the time has come for you to seize them! Learn more about how your CU can benefit from CORE software and fintech partnerships by downloading our Integrations eGuide.
