What Is a Fintech Enablement Platform (and Why Would Credit Unions Want One?)

Fintechos credit union fintech enablement platform from cu 2.0

Credit unions have wide and varied technology needs. One credit union might be on the hunt for a product that another credit union deployed a decade ago.

And those two products might end up totally different to suite their respective memberships.

The result is that there’s no clear path toward digital transformation. And yet, the same general problems must be solved over and over in different but similar ways. It would be great if there was a better set of tools that could allow credit unions to put together what they need—quickly.

This is where FintechOS and fintech enablement platforms come in.

What Is Fintech Enablement?

A fintech enablement platform is a technology that allows credit unions to build, access, and integrate needed products and services. This is made possible by prebuilt, modifiable components; think of these as the result of a team of smart folks spending thousands of hours figuring out the best way to something—like digital account opening—and then packaging it up in a way that you can easily take advantage of.

And the result?

Faster creation, deployment, service, and expansion of products and services. And it’s done more simply, because no-code/low-code architecture allows product and service experts to configure things with visual models instead of relying on engineers and developers to write code by hand.

Put more simply, fintech enablement is like a toolbox for fintech services. Instead of providing a complete, turnkey end product, the platform offers everything needed to quickly put the end product together. You (or your technology partner of choice) assemble exactly the solution you need.

While that sounds like more work, it most certainly isn’t. Time to deploy a fintech enablement platform and develop your first product with it will be comparable to bringing on a turnkey fintech product—and faster than developing one from scratch.

Building a second (or third, or fourth) solution with it will be much, much faster. That’s because those same tools can build or integrate a host of other needed solutions as well.

Fintech enablement platforms aren’t intended to be used for one-off solutions. Rather, they empower credit unions to address multiple needs, efficiently, quickly, and at scale… all with the same set of tools.

Why Might Credit Unions Want a Fintech Enablement Platform?

Due to limited budgets and heavy regulations, credit unions are at a disadvantage when it comes to technological speed of adoption. But fintech enablement allows them to accelerate.

A few benefits to these platforms include:

  • Faster speed to market. With access to numerous solutions and integrations, fintech enablement reduces tech scouting, vendor due diligence, connection, and deployment time.
  • Improved member experience. Offering newer products and services keeps credit unions at the cutting edge of consumer demands.
  • Increased efficiency. These platforms typically automate and streamline, reducing time, operational cost, and risk.
  • Enhanced competitiveness. Newer technology brings in members who are looking for the latest and greatest.

Furthermore, access to newer products and services also means access to new revenue streams. So, in addition to the general improvements above, fintech enablement may have a positive, long-term effect on your balance sheet.

Introducing FintechOS

FintechOS is a fintech enablement platform—big surprise in this piece, right? But they’re also the reason why we’re writing about this in general. Here’s why:

FintechOS’ technology helps credit unions configure financial products quickly, often deploying them in weeks.

Worried your existing legacy core won’t support these new financial products? FintechOS also provides building blocks for servicing the products you define. Plug any gaps in your existing core, increase automation, and improve efficiency—a win-win-win.

In a financial world where speed to market is key—just think about if your credit union had been poised to ride the waves of crypto, BNPL, and now competitive liquidity products—FintechOS gives you an advantage.

If we were to dive into the nitty-gritty, this section would get pretty technical. And, if you like technical, it would also get pretty impressive.

But for now, the summary is: Faster, more flexible, more advanced, and with much, much more room to grow. All with the same set of tools.

What Problems Does This All Solve, Anyway?

FintechOS and other fintech enablement platforms aren’t just a bucket of solutions packaged together. Rather, they’re a strategy packaged within a flexible ecosystem. Here are a few of the benefits:

  • Reduced reliance on custom development: prebuilt modules, no-code and low-code options, and easy configuration allow credit unions to set up products quickly—and get them out to market in weeks.
  • Independence from legacy tech: no more waiting on core providers or managing complex integrations with existing tech stacks.
  • Stand on the shoulder of giants: start with prebuilt, proven solutions covering anything from mortgage accelerators and BNPL solutions to new lending/decisioning options and online account opening support.
  • Access to fintech innovation: take advantage of the latest services in the fintech ecosystem for identity verification/KYC, bots, co-browsing, AI, and more.
  • Tools to build something new: because fintech enablement is a lot like a toolbox, you can use the platform to build entirely new products and services and support new initiatives.

What kind of new initiatives? Check out the sheet below to see how FintechOS helped one credit union become the national captive lender for a major agricultural equipment manufacturer.

Additional Resources

See FintechOS in our Custom Software Development Guide here.

See the above and other guides available as PDF downloads here.

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