Each day, new and innovative solutions are appearing on the market – some of which may hold the key to giving your credit union a competitive edge.
Many traditional bank and credit union members are now making the switch to challenger banks and neobanks. Why? Because these new financial platforms, which exist mostly or exclusively online, often offer cutting-edge tech innovations and features.
Rather than attempting to compete with these new financial players, many credit unions are now closing the gap by attracting new members with innovations of their own. Not only can introducing new technology help you avoid the risk of losing prospective members to challenger banks, but it can also create a better experience for you and your employees.
Luckily, there are plenty of associations, publications, and tech services that can help your credit union stay competitive in an evolving market.
Associations Dedicated to Credit Union Innovation
For many credit unions, the integration of new technology has only recently become a vital key to attracting and maintaining members. But there are several groups and associations that have been dedicated to helping credit unions stay on top of the latest fintech for years.
For example, Finovate got its start back in 2007 when it launched an event that showcased 20 of the latest technologies in the financial services industry. Since then, the organization has hosted 55 conferences all over the world.
Not only has Finovate introduced the world to over 2,500 fintech solutions, but in 2017 it also began incorporating discussions with top industry leaders into its events. Today, Finovate is dedicated to keeping the financial industry up to date on all the latest technology through events, webinars, news, and more.
If you ever get a chance to attend a Finovate event near you, you won’t be disappointed. In the meantime, be sure to take advantage of the site’s great blog, podcasts, and videos.
The Credit Union National Association, or CUNA, isn’t solely dedicated to technology, but it’s done a great job of providing resources that help credit unions stay on top of all the latest trends. CUNA publishes an excellent magazine that features everything from ideas and inspiration to inspiring stories.
But the CUNA website also offers plenty of free resources, such as top articles and podcasts. If you’re looking to get up to date on the latest technology for credit unions, then head over to the topics menu and jump straight to the technology section.
Then, of course, there’s the National Association of Credit Union Service Organizations, NACUSO, which is widely known for helping larger credit unions form CUSOs. But when the association was first formed back in 1985, it was also with the aim of helping credit unions explore non-traditional products and services.
Whether you’re interested in exploring the possibilities of forming a CUSO or are simply learning more about the latest trends, NACUSO is still delivering on its original mission. Members and non-members alike are invited to attend the organization’s annual Las Vegas conference or to check out highlights from previous years.
NACUSO’s website also offers free media such as videos, CUSO-focused news, and webinars. Be sure to check out the additional networking and educational resources you’ll enjoy if you decide to take the plunge and sign up for membership.
Publications That Offer Tech Resources for Credit Unions
How do you know which tech products and innovations can keep your members from jumping ship for the latest challenger bank? It largely comes down to staying on top of the latest tech, who is using it, and how.
This is where familiarizing yourself with top financial tech publications can help. In addition to the resources offered by the associations above, there are also several great independent publications worth following.
One of the most convenient is Finopotamus, an online publication created by three of the leading journalists in the credit union technology niche. The site takes the work out of scrolling through mainstream websites in the hopes of finding news relevant to the latest credit union fintech trends.
This easy-to-navigate news source gathers all the latest updates and presents them in a clutter-free interface. If you're up for exploration, there are also sections dedicated to subjects such as marketing tech for credit unions, press releases, and women in tech.
Co-founder John San Filippo has a great weekly wrap-up called Last Week This Morning which is an easy way to catch up when you're pressed for time. You can also sign up for the weekly Finopotamus newsletter to make sure you never miss a beat.
Another great publication is CIO, a digital magazine that’s dedicated to being “the voice of IT leadership.” The magazine offers everything from expert advice to news on all the latest industry trends.
While not dedicated specifically to fintech, the CIO's site search feature makes it easy to find plenty of resources on the topic of your choice. CIO also offers great networking opportunities through its IDG TECH(talk) Community and featured events. You’ll also enjoy resources like whitepapers, blog posts, and podcasts.
How to Find Strategic and Tech Solutions
The more informed about the latest technology you become, the more eager you may find yourself to integrate the latest products into your credit union. CUNA Strategic Ventures is a matchmaker dedicated to connecting credit unions with industry-leading providers who offer innovative solutions.
From compliance and security to lending and finance, CUNA Strategic ventures will help you find the perfect solution for your institution. Even if you’re not currently looking to make a purchase, it’s worth checking out the offerings just to stay updated on all the latest tech.
The company also offers a knowledge center with access to articles, webinars, case studies, and more.
Then there’s Curql, which offers credit unions a unique way to both invest in and explore the latest financial technology at the same time. A truly unique concept, the Curql Fund is a venture fund made up exclusively of credit unions that are interested in investing in the future of fintech.
Curql seeks out all the latest innovators and connects them with credit union investors, who get to test-drive their latest technologies. If your institution is looking for a unique investment that delivers front-row access to all the latest tech then Curql is worth checking out.
You might also consider signing up for a Curql Collective subscription to gain access to the latest tech and collaboration opportunities. You’ll also enjoy special events, presentations with industry leaders, discounts, and free tech integration assistance.
Become a Spave Credit Union Partner
As technology continues to evolve at a rapid pace, innovative new solutions are appearing for credit unions every day. Spave is currently on the lookout for credit unions who want to provide their members with a convenient new approach to spending, saving, and social giving, all from one convenient app.
Is your credit union looking for a great way to engage new members, enhance your social impact, and put your members on track for financial wholeness? Don’t hesitate to reach out to Spave to discuss a partnership!