The term fintech has been used frequently in recent years and many can recognize that it’s short for financial technology. But what exactly is financial technology and how much impact will it have on your business? Essentially, it’s any kind of new technology being utilized within financial services, by both businesses and consumers. While it is not a new industry, it is one that has rapidly evolved over the past decade due to the rising demand for groundbreaking and efficient digital banking solutions.
Fintech also describes any company that provides financial services through the internet, mobile devices, software or cloud services. They offer solutions that span the gamut – such as payment apps, digital banking features, AI-powered chatbots, cryptocurrency, fraud security and account processing to name a few.
Fintech companies are changing the digital landscape for good by integrating technologies such as AI and data analytics, into traditional financial sectors to make them safer, quicker and overall more efficient.
Fintechs play an important role in the changing digital landscape and digital transformation among financial institutions like credit unions, as they are the catalyst for easier access to digital banking services and bringing new features to fruition. With credit union members’ growing expectations for easier digital access to their accounts, especially on mobile devices, the role fintechs play to deliver positive experiences continues to expand.
While there are many uses for financial technology, we are focused on working with our growing number of fintech service providers on the Constellation platform to develop the next generation of digital banking services specifically for credit unions. Our providers offer an array of innovative services, covering every aspect of the digital revolution.
We launched the Developer Portal in 2018 and our fintech service providers immediately began using the platform to create practical, yet much-needed services for credit unions to provide an improved member experience. There have been over 30 services submitted by our partners to date, with several more in queue. We welcome the opportunity to discuss how you can get involved in our innovative open development ecosystem – Contact us today!
Constellation’s digital platform allows for the creation of new services that are ultimately tested and submitted for certification. These services will be integrated into a credit union’s suite of digital financial service offerings to enhance their overall digital banking system. We are proud to have a vast array of services already built on our platform with many more in the pipeline. Our fintech providers are pioneers, committing their talents and resources to create something extraordinary with us.
Whether you’re a credit union intent on discovering new ways to engage your members, or a fintech service provider who has what it takes to transform the industry, learn more about how you can partner with us.
Let’s disrupt the status quo and change the digital landscape together.