The banking industry is going through a technological evolutionthat according to some experts could leave credit unions and othercommunity financial institutions behind unless they pay attentionto fintech innovation.
Even the term fintech has changed. At one time it was short forthe financial technology companies that laid the foundation andprovide much of today's banking technological infrastructure. Nowfintech defines groundbreaking companies that have leveraged newsolutions to rapidly respond to customer demands.
However, according to research commissioned by London-basedFraedom, legacy systems prevent 64% of U.S. commercial financialinstitutions from developing fintech applications. The study alsorevealed a mounting proclivity for financial institutions topartner with fintech firms to help bring new products to marketfaster, attract new customer segments and help differentiatethemselves from competitors.
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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.).
