Velera and Kinective Team to Help Credit Unions Integrate Financial Software

Credit union service organization Velera has launched a partnership with banking software company Kinective.

The collaboration gives Velera’s credit union clients access to Kinective’s Gateway, an integration technology designed to eliminate the development challenges typically found when introducing new software products into a “diverse ecosystem of core banking systems,” per a Tuesday (Oct. 8) news release.

“Historically, fintechs have been constrained by the need for time-consuming and costly development work to integrate with each individual core system used by prospective financial institutions,” the companies said in the release.

With the Gateway, however, credit unions get a single “integration point that opens access to an entire ecosystem of core systems,” the release added.

“For Velera, this means faster time-to-market for its products, streamlined development, and significant cost reduction allowing it to deliver even more value to its credit union clients.”

The partnership comes at a time when community banks and credit unions (CUs) are capturing a significant share of younger consumers, amid the ongoing rise of digital banking.

The PYMNTS Intelligence report “Local Roots: How Community FIs Can Win the Digital-First Generation” found that 52% of Gen Z and millennial consumers were considering switching to community banks, with 47% weighing CUs as viable alternatives.

“The trend underscored a growing dissatisfaction with the impersonal service often associated with larger banks,” PYMNTS wrote last week.

“While effective digital capabilities remain a priority, personalized service is becoming equally vital. Nearly half of Gen Z consumers said they would change banks for tailored financial guidance and spend management tools. This reflects a broader demand for FIs to provide unique, purposeful support rather than a one-size-fits-all approach.”

Jeremiah Lotz, senior vice president, product and data experience at Velera, emphasized the importance of personalization in an interview here last month.

The digital engagement credit unions have with their users, he said, is about more than just how often they’re logging on, but how members are interacting with those CUs, and how effective the financial institution is in meeting the needs of those digitally-minded consumers.

“One of the biggest measurements we look at is: Was a consumer able to complete something that they expected, and then how did they feel about that experience as they went through that process?” he said.