Stop It! Halt Fintech Disintermediation and Compete in the Digital Arms Race
Financial Technology is accelerating at an epic pace and is changing the financial services marketplace. Emergent financial technology companies, also known as fintech, are created to provide hyper-focused digital solutions and have been eating into the market share of credit unions. Fintech are transforming consumer finance by disintermediating credit unions from their members and are among the most trusted financial brands in the United States.
In fact, fintech is growing primary financial relationship status at a rate of 505%*. Compare this to credit unions at 46% growth* and for-profit cousins in community banking trending deep into negative growth. Simply stated, credit unions have fallen behind digitally. Failure to keep pace with fintech will result in the decline of the credit union industry. (*Statistics credited to Samantha Paxson, Co-op Solutions).
Finding the Right Partner
Although fintech has been eating into market shares, not all of them are competitors. Some make outstanding business partners. However, effectively partnering and strategically investing in fintech is complex and time-consuming. As financial cooperatives, credit unions have cooperation in our DNA. The credit union industry must collaborate to address these challenges.
Through collaboration, credit unions can shape fintech by having a voice in these companies and the direction of their products. Today, opportunities are abundant for credit unions to collaborate with fintech. Furthermore, investing is a powerful tool to shape fintech for credit unions. At Curql, we believe credit union collaboration is crucial to our industry's survival. The future of credit unions is bright if we can halt fintech disintermediation by boldly curating and shaping members' digital experiences with fintech partners.
How Curql can Help Credit Unions with Disintermediation
Curql‘s mission is to bring fintech to credit unions. Curql is the only collaborative effort of its kind in the CU industry. Our approach brings investment capital, credit unions, and fintech together. We have a unique perspective to share on partnering with fintech from every angle in which credit unions engage fintech providers.
Our big tent mentality means that we focus on strategies to help the CU industry survive and thrive. Our credit unions are connected to the future of the credit union industry. We welcome more credit unions, CUSOs, and fintech to join our ecosystem through an annual subscription.
By subscribing, your credit union or CUSO would gain valuable access to cutting-edge fintech and opportunities to collaborate with credit union industry leaders. A Curql Collective Subscription includes exclusive access to pricing terms with key fintech, bi-monthly webinar events, future fund investment consideration, access to the Curql Portal, and more.
What is your credit union doing to keep up with this accelerated change? It would be our pleasure to visit with you, share more about our mission, and discuss bringing transformative fintech to your credit union. Learn how to position your credit union at the forefront of digital transformation!