Tom Shen is a fintech OG, one of the originals who got his start in the industry 40 years ago when it was still called just financial services.
He’s had glittering successes. He was EVP at Digital Insight when Intuit bought it for $1.33 billion in 2007. Earlier he founded Software Dynamics Inc. (SDI). More recently he founded mobile app developer Malauzai which was bought in 2018 by Finastra.
Now he is an active investor and a board member of five companies, including Sensibill and ZSuite, both of which have been featured on this podcast.
In this show Shen revisits his earlier days in fintech but – crucially – he spells out in detail what a fintech needs to know to work successfully with credit unions and also what a credit union executive needs to know to work successfully with fintechs.
His advice is sound, it’s levelheaded and, importantly, it’s rooted both in what worked in the past and what he sees working today.
Listen and you will hear pointed advice that says credit union execs today want fintech that delivers measurable and quick benefits. Talk about an 18-month build-out and, guess what, that is an audience lost.
Know too that Shen was a guy who was working with credit unions literally decades before many fintech execs saw this as a good market. He tells what attracted him – and these are strengths that credit unions still have.
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