Credit unions looking for fintech partners during M&As. Source: Shutterstock

Consolidation in the banking industry is nothing new. Financial institutions of all sizes – from smaller credit unions to even the largest players – are looking for opportunities to band together to find efficiencies, adopt new technologies, remain competitive and, above all else, grow. Amplifying this drive to consolidate is pressure from innovative neo-banks, lifestyle brands and fintechs that have been quick to capitalize on consumer appetite for turnkey, digital experiences, leaving more established institutions scrambling to play catch-up. In other words, two of the main drivers of M&A in today’s banking sector are the disruptive influence of technology and the critical need to meet the needs of today’s digital-first customer.

But merging with another credit union is rarely (if ever) a perfect solution for those looking to maintain their competitive edge, especially when it comes to technology. Moreover, the conventional wisdom about how to effectively navigate the post-transaction period – from a technology perspective, at least – may not actually be the best approach.

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