More and more credit unions are inviting fintechs into their world, enlisting their help to expand or improve existing member services and offerings in the hopes of gaining a competitive edge. But with more choices out there in the fintech marketplace than ever before, credit unions also have more work to do than ever before when it comes to choosing the right fintech partners and thoroughly vetting them for risks that could arise during the partnership.
According to several experts, the key for credit unions looking to optimize their fintech partnerships is to select fintechs that can help them reach their unique growth objectives, and to base their risk mitigation strategy on the level of access the fintech will have to credit union and member data as well as the potential rewards of the partnership.
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