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The relationships between credit unions and fintechs have softened considerably since the disrupting-fear years of the early 2000s. Today, the connections between credit unions and fintechs are a must!
Principal of Emerging Services at Velera, formerly PSCU and Co-op Solutions, Chris Corse came to the podcast and laid out how that fintech Cold War era is over, because both sides finally realized a relationship with credit unions and fintechs is a mutually beneficial way to individually thrive.
When it comes to innovation, according to Corse, "fintechs are extremely important" for credit unions. Expanded products and services without an internal development team is the big example of how this innovation idea plays out in real life for credit union members. Of note, he said Gen Z members are quietly comparing how credit unions function and behave as it relates to the larger fintech banking organizations.
Corse also spoke about internal and external credit union business strategies and how leveraging fintechs can help credit union executives meet those strategic goals. He added, instead of one person leading the charge of a credit union's fintech strategy, the entire senior management team should be involved.
Now, did we weirdly use the Michigan-Ohio State rivalry as an example of how fintechs and credit unions formerly saw each other? Yes. And, did Corse join a credit union because of his wife? Also, yes.
Take a listen to the full discussion!
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
