Integrating fintech into your credit union operations
During the Nudge, Allison and Mission Brands Gen Z webinar, a number of questions were submitted that the panel didn’t get a chance to respond to. Here, Mission Brands’ Founder/CEO Sam Plester, and Nudge’s Founder/CEO Reagan Bonlie, answer one of those questions.
Are there clear ways fintech can integrate with credit unions and not run as a side program?
SP: The first step is due diligence. There are far more fintech than there are credit unions. The jury’s out on whether that readjusts itself the way the volume of credit unions has over time, but at least for now—when it comes to fintech looking to go-to-market through credit unions rather than compete against them—it’s a buyer’s market.
Developing a robust discovery strategy that places mission and values at its core will help any credit union identify the partners that are truly in it to serve members, not VC backers.
After that it’s getting institutionally comfortable with a test-and-learn, pilot methodology. That’s critical. Not only is that a live-fire extension of the due diligence process, but it’s an opportunity to iron out the kinks and creases, too. To discover in a relatively manageable forum any challenges and glitches that may restrict or hamper member-value.
As a final thought, I’d encourage every credit union to consider the breadth of “fintech”, too. Is Fis or Jack Henry “fintech”? I’d argue there’s at least an element of their business that is—but it’s a radically different animal to digital account innovators Valiify, for example.
For credit unions with a robust appetite for innovation and partnership, I’m a big believer in a new definition of “tech stack”—bringing in myriad partners to complement and support one another.
Take Allison, for example. Their underlying tech would help a credit union like yours onboard, integrate and operationalize any number of other “smaller” fintech; making it a seamless extension of your member experience and brand manifestation.
Don’t overlook the intrinsic value of foundational/fundamental tech innovators like them.
RB: Finding a genuine fintech partner willing to seamlessly integrate into the core operations of credit unions is a key consideration. It may be prudent to start with a pilot or side program during the initial assessment phase, ensuring the solution proves its worth before full integration.
At Nudge, we take pride in being core-agnostic and integration-flexible. We are committed to facilitating any necessary integrations, including CRM, marketing tools, and core systems, to deliver a smooth experience for your employees and members.
Our approach provides versatility by allowing credit unions to test Nudge independently through a pilot phase or opt for immediate integration. Additionally, we offer alternative engagement solutions, enabling marketing teams to leverage our triggers, communication copy, and financial literacy content without an immediate need for integration.
In essence, we emphasize the importance of moving at the pace and capacity of the credit union, providing flexible engagement options to instill confidence in the partnership's benefits for the credit union team.
Get in touch to discover how Mission Brands Consulting can support your organization to identify, engage and onboard Gen Z and other overlooked, underserved members.