Understanding the evolving dynamics of this relationship is paramount for credit union executives and FinTech entrepreneurs alike. While the share of FinTechs selling consumer-facing and back-end digital banking technologies to CUs has remained stable for the past four years, recent PYMNTS Intelligence data reveals stark recent shifts in engagement, competitive perceptions and the ease of collaboration. A look at these key trends provides insights into both the opportunities and challenges within the FinTech-CU ecosystem.
Currently, more than half of all FinTechs actively serve the CU sector. Nearly all of them maintain a vendor-client relationship, highlighting the growing value proposition that CUs represent for the FinTech market. The once-ubiquitous atmosphere of competition between the two industries has receded significantly, paving the way for partnerships that can provide CU members with the digital-first technologies they increasingly expect.
These are some of the key findings explored in “Navigating the Evolving Landscape: FinTech and Credit Union Partnerships,” a PYMNTS Intelligence and Velera collaboration. This report examines how FinTechs are innovating to meet the financial needs of consumers at CUs, and includes insights into how those firms are working with banks, large and small. The report is based on a survey of 100 executives at FinTechs that provide services to CUs, commercial banks, community banks and individual consumers. Conducted between Oct. 24, 2024, and Nov. 19, 2024, the survey investigated how FinTechs partner with CUs to provide innovative banking solutions.
Inside “Navigating the Evolving Landscape: FinTech and Credit Union Partnerships”
- Discover how FinTechs are redefining their role in the CU ecosystem, shifting from competitors to strategic technology partners.
- Explore the evolving challenges and opportunities that shape how FinTechs approach product development and go-to-market strategies for CUs.
- Learn about the onboarding and scalability factors influencing which FinTechs succeed in forging lasting CU partnerships.
- Gain insight into how a more collaborative landscape reshapes FinTech and CU partnerships for long-term growth.
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Download the Data Brief
Navigating the Evolving Landscape: FinTech and Credit Union Partnerships
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FinTechs increasingly see CUs as customers and not competitors. In fact, they are collaborating with CUs to provide the products and services that today’s digital-first members expect. The report provides seven charts of insightful data that explore the challenges and opportunities FinTechs face when selling to CUs. Download the report to learn about how both are innovating digital banking and payment solutions to drive future growth.
The post New Data Shows Long-Term Shift Toward FinTech-Credit Union Partnerships appeared first on PYMNTS.com.
