The convergence of payments and lending is coming. Is your credit union ready?

by Co-op Solutions

How do credit unions best compete with fintechs?

The key lies in becoming the digital hub for all the member’s financial needs. This is what leading fintechs are doing, and they are already enjoying transformative success.

The Co-op CU Growth Outlook study shows that rapidly growing and diversifying financial technology firms like PayPal, Chime, Robinhood and Mint are quickly becoming the major competitors to credit unions, surpassing regional and national banks as the biggest threat to cooperatives.

In 2022, these trends have not only continued but accelerated. Moreover, fintechs are doubling down on their takeover of the financial services market with an increased focus on placing payments at the center of all they do.

 

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