Five problems fintechs help solve

The right partners can help credit unions compete, prevent fraud and field the right technology for providing the kind of service today’s members demand.

Credit unions have all kinds of problems to solve. They must figure out how to protect their reputations by safeguarding member and organizational data. They must find ways to compete with a whole host of financial industry players for consumers’ business. They must find the delicate balance of being conservative enough to stay solvent in this tenuous economy, while still having the right mindset for taking the risks required to get the tech they need to serve members.

Fortunately, CUs don’t have to go it alone. Fintechs and other industry vendors can be among credit unions’ allies in solving such key problems as how to:

1. Prevent Fraud

The need for stronger fraud management has never been more apparent than during the COVID-19 pandemic, when the number of card-not-present transactions accelerated.

 

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