It’s CU 2.0 Fintech Friday! Today, Chris Otey sits down with Vasilios Roussos from the DCU Fintech Innovation Center to discuss some of the latest updates from the fintechs in their cohort. The DCU Fintech Innovation Center is an accelerator for new fintechs in the Boston area, and they are one of the main sources for companies we feature in Fintech Friday.
The DCU Fintech Innovation Center fintechs develop and grow. They provide the space and resources that new fintechs need to incubate and accelerate. (They do their best to avoid digital distractions for your credit union’s CEO!)
One of the major issues facing credit unions is that they don’t have the time or money to invest in technology and development projects. This means that many of the most innovative features and services in financial tech are pioneered by banks.
Conversely, the major issues facing fintechs are a lack of funding and finding a user base.
And here’s the trick: credit unions have large member bases and funding. Fintechs have the technology credit unions need to get ahead. The DCU Fintech Innovation Center ensures that these groups meet each other (alongside other investors) to help to drive conversations (and projects) forward. It’s a perfect match.
So, what if credit union executives could connect with promising entrepreneurs in the financial sector? That’s the notion that founded the DCU Fintech Innovation Center. They officially launched in 2016, and so far, 62 companies have gone through the program. Their achievements are in plenty: a plethora of nationally recognized influential people working onsite, millions of dollars raised, and several promising partnerships, all for new companies that are making a difference in people’s lives.
Who Are the DCU Fintech Innovation Center Stars?
As with most incubators, there are a few standout stars. Here are the top three companies you should be looking out for as a credit union executive:
- Posh Technologies and their large team of mostly MIT alumni. Posh Technologies harnesses the power of AI and machine learning to provide chat bots for credit unions.
- Project Finance. Their software identifies, optimizes, and automates the financial decision-making process, making them a great partner for the financial health of your members.
- Digital Onboarding. They already have over 40 customers, and they are continuing to perfect the onboarding experience by increasing engagement and profitability through their platform.
DCU in the News
How a Credit Union Became a Fintech Accelerator
Fintech Consortium Teams Up With Georgetown University to Launch Professional Development Certificate Program in Fintech
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.