15 THE NAFCU JOURNAL March–April 2022 Members want our assistance with financial wellness, offering services that align with their personal interests and helping them feel like part of the solution to the causes that are important to them. THOMAS NOVAK, VICE PRESIDENT AND CHIEF DIGITAL OFFICER WITH VISIONS FEDERAL CREDIT UNION specialize in personal and vehicle loans, but also have expanded to include auto refinancing.” Fintech partnerships can enhance member relationships by improving convenience and offering new, innovative services more quickly, said Jonathan Price, executive vice president of emerging businesses, corporate and business development for Q2. While there has been a credit union mindset that fintech companies are competing for credit union business, the past few years have shown the need for adoption of technology to handle interactions with members, he added. “Open-access platforms that allow credit unions and fintechs to innovate together, are making partnerships and implementation of programs happen faster,” he said. “In some cases, end-toend implementation can drop from nine to 15 months to six weeks.” Thomas Novak, vice president and chief digital officer with Visions Federal Credit Union has been co-creating on a platform that connects fintechs with credit unions. Credit unions do not have the in-house capabilities to identify, create, test and deploy solutions quickly, he said. Speed of deployment is critical because garnering support for ongoing innovations requires results that demonstrate the investment is beneficial to members and to the organization. “By the time we can development an in-house solution, priorities may have shifted and the solution is no longer needed,” he said. “Working with fintechs, we were able to deploy a product that generated thousands of enrollees in just a few months.” Fintech solutions don’t have to be limited to traditional banking transactions such as deposits, loans or checking transactions, said Novak. “The role of how we serve members is changing, and it is a battle for relevancy in today’s environment,” he said. “Members want our assistance with financial wellness, offering services that align with their personal interests and helping them feel like part
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