Constellation Digital Partners has signed agreements to launch digital services on its patented, open development platform with two original investor credit unions – CFCU Community Credit Union and Kinecta Federal Credit Union.
These commitments represent a significant step in changing an outdated industry reliance on legacy technology and vendor lock-in. Each credit union can now pursue fintech innovation at the pace of their organization’s digital strategy to enable their unique goals. In addition to fostering relationships with fintechs, Constellation enables deployment of their platform according to a credit union’s specific circumstance.
As CFCU Community Credit Union has a need to launch specific services alongside their current online digital banking provider, their deployment solution will utilize a “companion app.” Through this arrangement members will be able to download an iOS or Android app, which will work alongside CFCU’s current mobile banking app – enabling CFCU and fintechs to deliver much-desired capabilities, with security and integration inherent with the Constellation platform.
For Kinecta Credit Union, the Constellation platform launch will include certified services from their in-house development team and external fintech providers. With this deployment approach, Kinecta will be able to provide members with a banking experience capable of exceeding offerings from larger financial institutions. Kinecta’s new services will leverage single sign-on (SSO) to authenticate identity credentials – appearing seamless for their members. By launching the Constellation platform Kinecta has the unique ability to deliver an enhanced member experience based on their own innovation roadmap.
“Having an open development platform that allows credit unions to provide services they can curate to deliver on their specific digital strategy – and more importantly to deliver what members really want – is why Constellation’s platform is so powerful. The collaboration between credit unions and fintechs to bring innovative solutions to market will strengthen everyone’s ability to compete with larger financial institutions with deep pockets,” said David Lindner, Constellation’s SVP of Sales and Marketing. “The win is a ‘roadmap of one’ for each credit union and an ecosystem for fintechs with innovative services.”
Both credit unions are actively working on their respective digital solutions and are slated for platform launches by mid-2022.