Dawn Sirras, SVP-Fintech Partnerships at Constellation Digital Partners discusses challenges in the Credit Unions space and how they are being addressed. She answers some tough questions about the state of our industry readiness, and shares some great advice on how collaboration with fintechs moves everyone forward – greatly benefiting credit union members during an exciting and continuously-evolving digital time.
What challenges are credit unions facing in light of the swiftly changing fintech space?
The explosion of the fintech market has brought with it some challenges for credit unions. Topping the list is competition. Neobanks and the like present a new competitor in a space that hasn’t seen much change over the last several decades. Credit unions need to understand what makes these alternatives appealing to consumers and adjust their positioning and product mix to remain relevant and viable. For the credit unions open to embracing the multitude of offerings the fintech space affords, the challenge will be adapting resources to manage a broader number of third-party service providers and ensuring symmetry between them to make the member experience continue to feel cohesive.
Read the full article on FinTech Magazine
