A Secret Weapon for Credit Unions Adopting New Technology
Embracing technology can be overwhelming for credit unions, akin to launching a spaceship with a rubber band. However, there is a secret weapon that helps credit unions overcome hurdles and effectively adopt innovative fintech while managing risk. In this blog post, we explore the challenges credit unions face in keeping up with technology and present a solution that helps launch credit unions into orbit.
Navigating the Challenges
The prospect of transitioning to new technology is daunting at best. Thanks to overwhelmed platforms, legacy systems, and limited resources, delays of months or even years are not uncommon. In the end, credit unions are hindered from integrating new technology swiftly.
Fortunately, credit unions can surmount this challenge by collaborating with peers and connecting with emerging, innovative fintech at events like VentureTech, the premier fintech showcase for the credit union industry. By providing the opportunity to evaluate many solutions and providers in one place and time, VentureTech, presented by Curql and CUNA Strategic Services, helps credit unions identify fintech that can help them quickly overcome the challenges associated with updating their antiquated technology.
Time is also a critical factor in adopting new technology. Credit unions often struggle to find the necessary time and resources to implement new technology. Hiring and retaining skilled personnel pose challenges, especially for smaller credit unions.
To help credit unions save their valuable time and effort, VentureTech steps in to assist credit unions by conducting a thorough selection process and bringing some of the best fintech serving credit unions to the VentureTech showcase. By providing a focused platform for credit unions to explore cutting-edge technology that can revolutionize operations and enhance member experiences, VentureTech can give credit unions confidence that the solutions they are evaluating are high quality and designed for their unique markets.
Many fintech companies also now offer no-code integrations and shorter implementation periods. Middleware companies play a crucial role by facilitating connectivity between credit union cores, digital platforms, and fintech, enabling faster implementation of innovative solutions. By embracing these advancements, credit unions can overcome roadblocks and accelerate their technological evolution.
For credit unions striving to become early adopters, pilot programs also enable credit unions to test and tailor fintech solutions to their specific needs, fast-tracking their way toward offering cutting edge solutions for members. In these instances, fintech companies often offer discounts and the chance to contribute to the technology's future development.
Yet another challenge credit unions face is finding technology suited for their unique roles as credit unions. In spite of offering many of the same products and services as even large national banks, credit unions have distinct needs, as do their members. For this reason, some off-the-shelf fintech solutions simply don’t fit.
What sets VentureTech apart is its commitment to the credit union movement. The event connects fintech companies that genuinely believe in the credit union philosophy with credit unions eager to embrace innovation. VentureTech ensures that showcased fintech are dedicated to serving credit unions and their members, eliminating concerns about disintermediation.
A Way Forward
By curating a select group of fintech companies through a rigorous selection process, VentureTech simplifies the fintech selection process and ensures credit unions can choose from the most promising and mission-aligned solutions.
“VentureTech was the perfect setting to learn more about the fintech who are invested in solving and closing credit union technology gaps,” said Joe Gonzalez, AVP of Consumer Lending & Lending Innovation at University Federal Credit Union, of his experience attending VentureTech 2022.
Paul Kirkbride, Chief Operating Officer at Washington State Employees Credit Union, agreed, saying, “VentureTech is a must-attend for progressive credit unions seeking transformative technology solutions."
When it comes to networking opportunities, the event packs a punch, allowing credit union professionals to connect, exchange insights, and learn from success stories. Credit union professionals can learn from others' experiences, benefiting from existing integrations and expertise.
According to Joe Gonzalez, “It provided the right mix of presentation information, opportunities to connect with fintech one-on-one, and network with credit union professionals.”
Paul Kirkbride added, "The event showcases innovative companies solving real-world problems, for our members and us, in an easy-to-consume format. And the networking opportunities are endless."
VentureTech empowers credit unions to navigate the complex fintech landscape, accelerate integration timelines, and find solutions that meet their members' needs. By embracing innovation and networking with peers, credit unions can launch into the future with confidence and ensure their competitiveness in delivering enhanced financial services in the digital era.
Join the ranks of credit unions that have already benefited from VentureTech. Discover this secret weapon that propels credit unions forward in the digital age. Secure your spot at VentureTech by visiting myventuretech.com today. Don't let your credit union get left behind. Embrace the future of fintech with VentureTech now.