Naveen Jain has been using his analytical chops to solve problems for credit unions for years. The number of credit unions has shrunk by almost 20% in the last five years, but the industry is not exactly in crisis. The most progressive institutions, Jain says, continue to grow their assets.
Part of being a progressive credit union is working successfully with fintechs. Credit unions bring highly trusted relationships with members, a viable economic model and crucially, for the progressors, a willingness to adapt and change. Progressive credit unions have the opportunity, through partnerships with fintech, to deliver groundbreaking technology to their members.
The fintech companies, on the other hand, bring agility and newer technology solutions. They work together by aligning objectives — which can be easier said than done. But a successful relationship will make the credit union competitive in acquiring new members. The key challenge, according to Jain, is remaining relevant to their members’ needs.
All this and more will be discussed at the 5th annual CULytics summit, taking place March 30-April 2 in Redmond, Washington. Jain will of course be there, as will CCG Catalyst CEO Paul Schaus, who is moderating the panel on credit union-fintech partnerships. Sign up with the code summit10 for a 10% discount.
Listen to the conversation with Naveen Jain below, and be sure to subscribe to the podcast on Apple or wherever you find your favorite podcasts.