New research out of Juniper smacks most credit union leaders in the face. That’s because 50% of us now say we would consider switching to a digital-only bank. Indeed, many households already are actively contemplating a move to a digital-only bank.
Much ado has been made about “the growing fintech threat” in the credit union space. Well, most of that has blown over at this point. It’s pretty clear that most fintechs out there don’t want to be financial institutions. They just want to help out.
There are exceptions to this general rule, of course. Some fintechs are getting a little aggressive in their entryway into the banking realm.
But if you’ve been holding your breath waiting for the fintech threat to blow over…
Keep holding it.
Here comes big tech.
There is a new player in the Online Account Opening space!
We’re excited to announce Langley Federal Credit Union, a $3.0 billion financial institution in Virginia, and fintech Narmi, partnered to launch a seamless digital account opening process which allows members to open new Langley FCU accounts in 2.5 minutes. Wow!
Let’s face it. if you are about to join a new financial institution and they bring out the dreaded paperwork stack, the game is over. Just get up, walk out, and find someplace that isn’t stuck in 1995.
With everyone talking about digital transformation, we thought it would be helpful to provide an overview of the top providers of online account opening vendors in the credit union industry.
To credit unions and other traditional financial institutions, fintechs can often sound like the enemy. Or, if not an enemy, they can seem like the upstart competition. Yet, most fintechs present more opportunities for partnership than for rivalry.
Narmi provides an API-enabled digital banking platform. It includes mobile banking, online banking, digital account opening, fraud detection, support applications, and seamless integration with other end-user apps.
Because Narmi offers its platform to end-users, they would almost appear to be credit union competition. However, to think that would be an unfair assessment of Narmi’s strategy.