Credit Unions Turn To Technology To Enhance Services FINTECH PARTNERSHIPS ADD FLEXIBLE, INNOVATIVE STRATEGIES In the 2020 NAFCU Report on Credit Unions, over 94% of survey respondents reported that IT will drive spending into 2023. When asked to identify the most likely provider for their planned investments, national vendors and large fintechs were named most often. “There has been an increase in credit union and fintech partnerships and as our NAFCU reports indicate, there is a continuing interest in greater investment in fintech over the next several years,” said Andrew Morris, senior counsel for research and policy for NAFCU. Although many people associate “fintech” with more recently developed technology, the use of financial technology has been put into place at credit unions for some time, he says. “Consumer expectations for convenient service led to remote deposit of checks many years ago,” he points out. “So while some fintech technologies are new, the concept of using technology to increase convenience for members is not new.” By Sheryl S. Jackson 12 THE NAFCU JOURNAL March–April 2022
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