When Fintechs Attack: One More Thing for Credit Unions to Worry About

Generally speaking, fintechs are friends, not threats. Most fintechs just want to make people’s financial lives a little easier. Fortunately, they often hit the market with help from community financial institutions like credit unions.

But sometimes fintechs aren’t so friendly. Sometimes they see an opportunity and they go for it. And there are two fintechs that are shoehorning themselves into the traditional banking space:

Are you ready to see what happens when fintechs attack?

Continue reading “When Fintechs Attack: One More Thing for Credit Unions to Worry About”

CU 2.0 Fintech Friday: Cranberry

It’s CU 2.0 Fintech Friday! Today, Chris Otey sits down with Cranberry to discuss all things credit union, fintech, and digital innovation.

Ah, the life of a renter. Either you’re lining someone else’s pockets or you’re paying someone else’s mortgage. And then, when you move out, you have to cross your fingers and hope you’ll get your deposit back. You certainly won’t get any of the equity in the home.

Continue reading “CU 2.0 Fintech Friday: Cranberry”

CU 2.0 Fintech Friday: Jointly

It’s CU 2.0 Fintech Friday! Today, Chris Otey sits down with Jointly to discuss all things credit union, fintech, and digital innovation. 

Have you ever been in a relationship? One where you couldn’t keep track of who bought what? Or one where you felt suspiciously like you were paying far more than your share of groceries? 

Well, that’s not uncommon. Cohabitating with loved ones usually means sharing finances, too. And shared finances can be a tricky subject—especially if you want to maintain a modicum of financial independence. 

That’s where Jointly comes in. Jointly is a digital budgeting interface that helps families and couples better manage their finances. 

Continue reading “CU 2.0 Fintech Friday: Jointly”

CU 2.0 Fintech Friday: Posh Technologies

It’s CU 2.0 Fintech Friday! Today, Chris Otey sits down with Posh Technologies to discuss all things credit union, fintech, and digital innovation.

Last time we spoke, Posh has grown considerably, in both member services and capital. Posh Technologies is still harnessing the power of AI and machine learning to provide chatbots for banks, credit unions, and other industries. But “chatbots” might not be the best term…

Over 30% of call center conversations start with normal or frequently asked questions. There’s no reason why people should have to repeatedly field those kinds of calls—it would be far more convenient and cost-effective to offload that burden onto a conversational AI customer service agent.

Plus, if that AI customer service agent could do more? Well, now we’re talking. Posh’s chatbots (there’s that word again) are available 24 hours per day, 7 days per week to offer companies:

  • Call deflection
  • Self-service
  • Lead generation

And no, Posh isn’t selling a unicorn. There’s actually a product out there and running. Right now, Posh is working on optimizing their product specifically in the member services area, such as improving telephone banking, and website messaging. All automated, all easier than pressing buttons on your phone, or trying to get a hold of one of your valuable employees over email. Did we mention that it’s available 24/7?

Credit Union Fintech Snapshot: Posh Technologies

Top 3 Problems Solved

  1. Natural language processing
  2. AI and machine learning in banking
  3. Automated customer service

Posh Technologies Founder: Karan Kashyap

Posh Technologies Market Strategy

Community banks and Credit Unions

Credit Union Fintech: Posh Technologies in the News

How Posh got its start

Conversational interfaces make financial operations easier

Interested in seeing more fintech entrepreneurship? Check out the CU 2.0 fintech infographic, Death by 1,000 Cuts. You can see firsthand the impact fintechs have had on the credit union industry, as well as how fintech innovation can improve your income statement, balance sheet, interest margin, services, and more.

Credit Union 2.0 believes fully in the power of credit union and fintech partnerships. With the shared goal to redefine multifaceted financial services models look like to members, more credit unions are looking to partner with forward-leaning fintechs.

If you want to learn more about credit union–fintech partnerships, click here.

CU 2.0 Fintech Friday: Tellerex

It’s CU 2.0 Fintech Friday! Today, Chris Otey sits down with Tellerex to discuss all things credit union, fintech, and digital innovation.

Ensuring consistent access to funds is the most important service that credit unions provide. If people can’t conveniently get their cash when they need it, then they’ll look for another institution better equipped for the task. With that in mind, the world of ATM lifecycle and fleet management is critical to member satisfaction. You can’t help your members access their money if you don’t have an extensive, reliable ATM fleet.

Continue reading “CU 2.0 Fintech Friday: Tellerex”