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Becoming More Appealing to Our Fintech Friends

Credit unions must be willing to invest, act with urgency and accept some risk.

By Kirk Kordeleski | Updated on May 30, 2017

I last opined on the difficult marriage between credit unions and fintechs and concluded that it often leads to divorce because of very different motivators — hyper growth for-profit venture companies versus a conservative not-for-profit industry. Today I want to discuss how our industry can adopt the skills that will make us more appealing to our entrepreneurial friends in fintech.

The fintech world wants to partner with the credit union industry. While they may not always understand how we work, our $1.3 trillion assets and 108 million members stands out as a huge untapped opportunity for their products and services. They want to date us and they are very appealing to our industry because they have built new markets and services that our members are demanding. Every day they are finding new ways to attack the banking market, including through marketplace lending in the mortgage, business, student and consumer loan product realm; blockchain and alternative payment options.

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