Fintech organisations solve many problems for many businesses across the world. Through the right use of technology, businesses are able to provide their customers with better and more targeted services thus, allowing them to adapt and grow.
Organisations in the responsible banking space have suffered from a lack of the right technology over the years. Fintechs are now offering solutions to this problem. Soar, for example, works with credit unions, to help solve their many pain points. Being very traditional organisations, credit unions are learning to adapt and build on a more digital structure which Fintechs are offering them. Face to face meetings are valued and being present in the community is key, so credit unions are working with Fintech partners to ensure that the personal, community focus is still there.
Competing with large retail banks is hard for community organisations too, especially since banks have more budget and resources to hand. However, credit unions and similar organisations can gain help that can provide them with the kind of technology they need to compete. Having one such partnership can help an organisation to keep that personalised experience that members want. There are also many Fintech organisations out there that focus on offering their services at prices that fit the market they’re serving. This is widely needed in the responsible banking sector and means more credit unions can access these types of services.
Digital transformation is also big on the agenda for many and Fintechs can help to make this happen at a relatively fast pace. Providing access to innovative technology can move credit unions forward and make sure they are offering a service that is up to scratch. The goal is for these organisations to provide a first-class digital experience and with the right tools and partners they can do that. Managing finances online has become more important than ever because of the pandemic. Fintechs can offer this technology and continue to evolve it as time goes on.
With the demand for digital services increasing, cyber security becomes more important. This is another level of service that Fintech organisations are providing. Fintechs can offer a level of security that is critical to the future operations of these organisations and means they can move forward confidently knowing their member’s data is secure.