PSCU/Co-op Solutions Launches Program to Facilitate Credit Union-FinTech Collaboration

PSCU/Co-op Solutions has launched a program designed to facilitate collaboration between credit unions and FinTech companies.

The new Fintech Engagement Program includes both vetted FinTech companies and credit unions that are looking to address industry pain points, the payments credit union service organization (CUSO) and integrated FinTech solution provider said in a Tuesday (April 2) press release emailed to PYMNTS.

“Our Fintech Engagement Program aims to connect these two groups — FinTechs and credit unions — to discover possibilities, unlock opportunities and help navigate challenges,” Vladimir Jovanovic, vice president of innovation at PSCU/Co-op Solutions, said in the release.

The members of this board will work to develop new solutions that meet the needs of both credit unions and their members, according to the release.

They will aim to disrupt traditional methods of banking, identify use cases and participate in ideation and proofs of concepts, the release said.

The participants in the Fintech Engagement Program will be aided in these efforts by PSCU/Co-op Solutions’ Emerging Services team, the release said.

“The opportunities FinTechs represent for credit unions — from access to cutting-edge technologies to workplace efficiencies and more — are almost endless when the right partners come together and work toward the same goal,” Jovanovic said in the release.

PYMNTS Intelligence has found that credit unions are taking proactive steps to embrace digital transformation, modernize their operations and improve customer experiences.

Nearly 80% of all credit unions report that their payment innovation efforts have resulted in a positive return on investment, according to the “2024 Credit Union Innovation Readiness Index,” a PYMNTS Intelligence and PSCU collaboration.

Ninety percent of top-performing credit unions saw an increase in member satisfaction with their mobile app over the past year, while 83% observed a rise in the number of mobile app downloads, the report found.

These efforts are being driven in part by demands from credit union members. One of the top reasons credit union members switch their primary financial service provider is insufficient or difficult online and mobile banking, according to “Growing Credit Union Membership via Lending and Omnichannel Banking Innovation,” a PYMNTS Intelligence and PSCU collaboration.