Credit Unions Take On Fintech Innovation to Stay Competitive

Technology provides new and creative ways to connect with members.

Fintech innovation, particularly in the trending areas of voice recognition, artificial intelligence, payment strategies and digitalization, is constantly evolving, challenging credit unions to develop their technology capabilities while improving member experiences.

Two experts in the financial services field – Priya Dozier, vice president of digital solutions and innovation at the St. Petersburg, Fla.-based CUSO PSCU, and Becky Summers, a strategic advisor at the Lombard, Ill.-based Raddon, a Fiserv company and provider of research, analysis and strategic guidance to financial institutions – shared their views about where financial technology is headed.

Dozier reviewed the past for future hints. “2018 was the year of artificial intelligence in the fintech space, driven by ‘dorm-room’ startups primarily founded by students at prominent universities looking to extend relevant technology skills while tapping into talent available at the country’s leading universities,” she said, adding, “These startups focused on extending the credit union member experience into the voice channel by leveraging neural networks to boost chat interactions with members in self-service channels.”