The term fintech (or FinTech, if you prefer the trendier iteration) is being redefined — literally. For as long as credit unions have relied upon computers, fintech — short for financial technology – has referred simply to the technology employed by the financial services industry. For example, your core data processor is a fintech company. Or at least it was.

Seemingly overnight, fintech has been redefined as technology companies that seek to displace or disrupt (another popular term), traditional financial services players by building a better mousetrap. In other words, whereas fintech used to refer to your technology partners, it now refers to your newest competitors.

As reported here in January, this threat appears to be real. As that article noted , a survey by a company called TransferWise predicted a significant shift among consumers from relying on credit unions and banks to using pure-play technology companies over the next five to 10 years. That prediction may seem self-serving since TransferWise is one of these new fintech companies. Be that as it may, this is not a trend that credit unions can afford to ignore.