Paul Ablack knows big data and fintechs. He served as CEO at OnApproach, a big data company aimed at credit unions that was acquired by Trellance.
Ablack left OnApproach after the acquisition and is now noodling new opportunities in fintechs and especially in commercial lending for deposit rich credit unions. In that latter regard he is bullish on what he sees as major opportunities in lending for new senior care facilities and, yes, that industry has taken a beating in the Covid-19 era but that, too, may well fuel the need for new, more smartly designed senior care facilities.
The need for senior care will only grow for some years to come as Baby Boomers age (and the oldest Boomers are now 74, the youngest 56).
Throughout, Ablack sees unique opportunities for credit unions, in part because of their cooperative character. If enough credit unions share data, a powerful big data lake would be an industry asset that will help credit unions compete with the biggest banks.
If credit unions come together into what Ablack sees as a Venture Capital CUSO that manages many fintech investments, big successes could come to the movement, he said, where today’s piecemeal, every credit union for itself fintech investing produces scattershot successes.
Bold thinking? You bet. That’s why Ablack is a fun podcast guest. He throws out a number of good ideas you may not have heard before.
Covid-19 is triggering huge changes in financial services. Tomorrow’s services won’t be today’s. Think new, think fresh; this Ablack podcast will nudge you in that direction.
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