Terminology and technology evolve. Fintech and API, for example,are not new terms; they just signify change in today's increasinglydigitalized financial world. How credit unions fit into it remainsunsettled.
Fintech, or financial technology, originally referred to justbanking systems. However, it has come to refer to disruptors takinghold in financial services today. Handcuffed by regulations andinfrastructure, many financial institutions struggle to competewith these fintech startups in terms of innovation and speed inareas such as payments, money transfer, lending and investing.
Application program interfaces are not new either. The use ofopen APIs is a practical way for credit unions to supply memberswith faster, convenient access to funds, financial resources andpayment vehicles, especially when combating nontraditionalfinancial players.
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
