KOLOA, Kauai–For all the uncertainty created for credit unions by fintechs, the upstart challengers have also inadvertently provided some certainty—in this case, a blueprint for what consumers want.
That’s according to David Demsko, SVP-corporate strategy and business performance management with Co-op Solution, who told attendees at the company’s CEO Conference here the 505% growth in marketshare seen by fintechs is the result of doing exactly what Co-op Solutions’ own research has shown works best with consumers of financial services.
“Fintechs were born using data,” he said. “They have recognized the power in harnessing data. It’s in their DNA. And they continue to use it to resonate with consumers in a relevant way. They use it to push personalized service, offers and discounts.”
The Good News
Demsko said that historically credit unions have never had a track record of being first in many categories or offerings.
“The good news here is the game is not over. There is still a ton of time left,” Demsko said. “I think fintechs have shown the path to how you can really use that to resonate with folks in a digital world. One thing credit unions really have working for them in a digital world is you have a treasure trove of data in your credit union today.”
Still, said Demsko, a conviction that the credit union needs to harvest the data it has is only the “first step.”
“You have to have a well-baked strategy and something to execute against,” he said of the other steps.
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