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The banking landscape is becoming more congested and fragmented every day. New fintech challengers continue to crop up, and it’s estimated that the neo and challenger bank market will reach $578 billion by 2027, according to a Facts & Factors research report. The reality is, credit unions now face an existential threat in the face of rising competition from fintech platforms that offer more simplified, streamlined and personalized banking experiences – all on consumers’ mobile phones.

With every great challenge, however, comes great opportunity. The challenge presented by the booming fintech market also provides an opportunity to transform their businesses, fill the gaps that fintech challengers still leave in their wake, better meet the banking needs of consumers, and become the consumer’s preferred choice.

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