Tech startups face many unexpected growing pains and challenges when integrating their technology with many credit unions' core systems. However, some industry professionals believe some of those obstacles inhibit innovation due to outdated infrastructure and old ways of thinking.
"One of the interesting things as a startup is you don't know what you don't know," Ben Morales, CEO of QCash Financial and chief technology and operations officer at the $2.5 billion, Olympia, Wash.-based Washington State Employees Credit Union. QCash is a wholly owned subsidiary of WSECU.
WSECU created QCash in 2004 to meet the short-term lending needs of members who were requesting large money orders to pay off payday lenders.
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