It’s CU 2.0 Fintech Friday! Today, Chris Otey sits down with Finnest to discuss all things credit union, fintech, and digital innovation.
Finnest is an education-based fintech company. Finnest helps parents teach their kids about earning, saving, investing, charitable giving, and responsible spending. They provide a prepaid debit card to children aged 8-17 and it supports healthy financial habits through a linked app.
Credit unions can use Finnest as an additional service to provide for their members. It reaches into the next generation of consumers and prepares them for their first checking account. Finnest also readies minors for sensible financial engagement as they become adults.
Credit unions who offer Finnest’s services can help younger generations develop good financial habits. Parents can transfer money to their kids’ accounts for allowance, chores, and so on. Kids can build budget plans to support their savings goals. Parents can monitor their kids’ progress and get a picture of their account activity. Parents can also lock Finnest debit cards, set spending limits, and educate kids about investing.
If this sounds like an intriguing credit union–fintech partnership, check out the video and Finnest snapshot below!
Credit Union Fintech Snapshot: Finnest
Top 3 Problems Solved
- Youth finance
- Youth financial education
- Responsible financial engagement
Finnest Founder: Richard McDonald and Clemens Grave
Finnest Market Strategy
Credit unions and individual users.
Credit Union Fintech: Finnest in the News
Interview with Clemens Grave about Finnest
Another interview, but this one is different (we promise)
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.
