Disruption may be the new norm, but have credit unions caught on? In the latest episode of 22 Minutes in Lending, Brian Kaas, president & managing director of TruStage Ventures, discusses the fintech saturation problem, the evolving role of embedded finance, and how credit unions need to break out of the echo chamber to avoid being left behind and realize the benefits of partnerships.
Key takeaways:
02.13: An overview of TruStage Ventures, its funding structure, and its average investments.
03.15: Three key criteria critical to TruStage Ventures making investment decisions: strategic fit and support for credit unions, financial viability, and culture fit.
06.26: How the investment strategy has evolved since 2016 to ensure the organization and its portfolio of fintech companies are supporting and sustaining the credit union system.
07.50: Fintech has reached a saturation point in the credit union system, and M&A may be the new growth area.
10.07: Profitability is a primary concern for credit union executives, and AI-driven back-office automation can often be the solution.
12.28: The growth opportunity posed by embedded finance, particularly for credit unions in the auto-lending space.
14.59: How TruStage Ventures is making intentional investments to help credit unions capitalize on the embedded finance movement and provide entry-points into relationships with major players like Amazon and Walmart.
17.07: When credit unions only talk to other credit unions, it can create an echo chamber. That can mean there’s a misunderstanding or misapprehension of the opportunities posed by fintech.
19.02: The importance of Board awareness and support for innovation.
20.36: Trust is vital for an emerging fintech to establish credibility with credit unions and gain traction.
22.22: What credit unions should be considering before partnering with a fintech of any size or maturity.
Resources Mentioned:
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#CreditUnions #Lending #Fintech
