Fintech partnerships: Focus on member value
‘Understand the problem you’re trying to solve and see how fintech can help.’
From left: Moderator Mia Perez, Louisiana Federal Credit Union; Sam Das; Bryan Young; Jeff Harper; and Tanya Van Court.
While credit unions initially viewed fintechs as competitors and disruptors, they’ve become valuable partners in many instances, a panel of industry leaders said Wednesday during the 2022 CUNA Finance Council Conference in Las Vegas.
Those initial concerns weren’t unfounded, says Sam Das, managing director at CMFG Ventures, the venture capital arm of CUNA Mutual Group, citing competition from Lending Club.
“We’ve seen an evolution where fintechs realize they’re good at some things credit unions and banks aren’t,” he says. “But credit unions understand their members’ needs and have relationships with them. They understand the regulatory front and how to deliver financial services safely and with members in mind. So many of these hurdles have crumbled.”
It’s all about driving value, says Jeff Harper, senior vice president/chief loan officer at Orange County’s Credit Union in Santa Ana, Calif. “Fintechs can dive into a specific problem when you’re trying to create a value proposition in your credit union. Understand the problem you’re trying to solve and see how fintech can help.”
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