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Navigating the Rise of Fintech for Credit Unions

PSCU Innovation & Mastercard StartpathDecember 2019


About the Speakers

Chris GillingsStart Path North American Lead

Rene ClaytonInnovation Strategist


Agenda§What is a Fintech?

§Big Tech

§Challenges

§Trends

§Benefits for Credit Unions

§Fintech Stats

§Partnerships


What is Fintech?

q Short for Financial Technologyq The term is used to describe a sector of Start-up companies that

are using digital technology, analytics and mobile platforms to make daily banking easier


Fintech Disruption Occurring Across Ecosystem

Source: Business Intelligence


Fintech vs Big Tech§Fintech• Innovation of smaller startups

• Fintech products are created by identifying gaps in the marketplace

§Big Tech

•Google, Facebook, Amazon, Apple, PayPal

§ 1 out of every 3 people are adopting technology from these players such as Apple Card, pay wallets and Venmo


What do you see in your credit union’s future first?

Member passwordless logins

AI member-facing Chatbot

Payments via a social media platform

A

B

Poll Question

C


Partnering with FintechFintech Partnerships

§ Fintech partnerships provide the opportunity to engage with forward thinking companies and solutions.

§ Fintechs can quickly often bring products to market to complement credit union offerings meeting member’s needs.

§ The industry needs Fintechs to bring creative & innovative solutions to the market.

PSCU is partnered with the Mastercard Start Path program. This allows us to be introduced to forward thinking companies with emerging technology and engaging solutions.

How can we manage?


Uncertainty of Adopting New Technologies

§ Keep pace with technological change

•Embrace it

§Adapt to the new frameworks

§ Regulation

•Considerable risks are involved

•Banks and credit unions must continue to explore strategic options, especially as technology changes and regulations evolve

Challenges with Uncertainty


Fintech Trends & Use Cases§ AI for fraud prevention

• Banks and regulators are using machine learning and AI to fight bad actors

§ Banking the underbanked• FinTechs are helping the underbanked and underserved on a global scale

§ Rethinking debt

• Startups are now easing debt — from underwriting to collections — for both consumers and businesses

§ Building the bank of the future

• Real-time P2P

• Social media payment options


Friend, Foe or Both?


What describes your most important use case/business problem you are trying to solve for?

Member engagement

Member onboarding

Fraud prevention

A

B

Poll Question

C


Benefits to Credit Unions - What is in it for you?

Working with Fintechs can help a credit union:

§ Reinventing the business services with technology

§ Making innovation part of the culture

§ Devise ideas and insights into new business models

§ Align executives to support innovation & partnerships

§ Sustain innovation by improving efficiency

Unlocking Innovation

the power of partnership in financial services

Chris GillingsStart Path, North American Lead

December 2019

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power of partnership in financial services

introducingmastercard start path

6 month program

210 startups

$1.5B raised

34%H1 2019 global VC

investment in Fintech 34% YOY

$636BGlobal Fintech platform revenues are forecast to reach $636.8B in 2024

81%81% of banks would

collaborate with Fintech partners to execute digital

transformation


fintech in 2019


What are you most interested in learning about in future webinars?

Authentication with biometrics

Artificial Intelligence

Fraud detection with machine learning

A

B

Poll Question

C

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building fintechpartnership

competency

entrepreneurial muscle

de-risking toolkits

startup mentality

values, vision, goals

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the pilot

startup as vendor

build / partner / buy

corporate VCtraditional

partnership models

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platforms

open banking

baas

alliancesemerging

partnership models

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sourcing the best

global lens

enduring relationships

social proof

prepared for diligence


Is your credit union open to working with Fintech partners?

Yes

No

1

2

Poll Question


Key Takeaways1. Innovation is critical to growing your

competitive edge, and the world is rapidly evolving

2. Partnering with Fintech helps your credit union keep pace with innovation

3. Your Network is your net worth in the ever changing financial services landscape

4. PSCU can be your “go-to” place to gain the most up to date information on the latest Fintech partnership opportunities


Questions


Thank You For Joining Us!

PSCU Insights Page: http://www.pscu.com/insights

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