8 types of fintech software your credit union should be using in 2023 – and how

by Cotribute

How well is you credit union meeting the needs and expectations of bankers in the digital world?

Today, credit unions need software that will allow them to compete with the convenience and digital financial products that fintechs offer. Customers now prefer to do everything from cloud banking to applying for loans online – and fintech software can get you there. Here’s what you need to know.

What Is Fintech Software?

Fintech software is an umbrella term referring to all the financial technology — software, mobile applications, etc. — designed to automate and enhance traditional financing. Customers and businesses alike have come to prefer these digital technologies and products because they make banking easier and more accessible. In fact, 90% of Americans report that they currently use fintech, up from just 88% in 2021 and 58% in 2020.

It’s important to note that financial technology software is not limited to online banking. Its cloud-computing abilities also cover the following:

 

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