Credit unions MUST start thinking like FinTech Startups

Would you agree with me that everything that Credit Unions do should always be about adding value to the lives of their members and community?

Just think about it, does your credit union add value to your life?

Does your credit union make life easier for you?

Does your credit union make it easier for you to save, access your money or loans quickly?

What does the average credit union member want to do with their money?

Well, the credit union member mainly wants to save, invest, transfer money to people, make payments for goods and services and donate money.

Credit unions are great at doing the loans and savings aspects, but how can they innovate to meet the changing demands of their members?

Credit Unions must start to think like a FinTech organisations; financial institutions driven by technology with less branches and more innovative digital platforms.

There are new startups driven fully by tech that can now provide low cost loans to their customers, even lower than credit unions.

The “API economy” enable financial institutions to innovate at very minimal costs, with less infrastructure and staff overheads by partnering with existing organisations.

Thinking like a Fintech startup makes it easy for established Credit Unions to compete with the banks and larger organisations and avoid disruption from new players by creating value-adding products and services that meet the changing needs of thier members.

If Credit Unions wish to remain relevant and competitive in an increasingly digitised world, then they must incorporate effective digital transformation strategies.

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