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1 ǀ 12/23/19 © 2019 PSCU. All rights reserved worldwide. Confidential – do not copy or distribute without permission.
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Navigating the Rise of Fintech for Credit Unions
PSCU Innovation & Mastercard StartpathDecember 2019
3 ǀ 12/23/19 © 2019 PSCU. All rights reserved worldwide. Confidential – do not copy or distribute without permission.
About the Speakers
Chris GillingsStart Path North American Lead
Rene ClaytonInnovation Strategist
4 ǀ 12/23/19 © 2019 PSCU. All rights reserved worldwide. Confidential – do not copy or distribute without permission.
Agenda§What is a Fintech?
§Big Tech
§Challenges
§Trends
§Benefits for Credit Unions
§Fintech Stats
§Partnerships
5 ǀ 12/23/19 © 2019 PSCU. All rights reserved worldwide. Confidential – do not copy or distribute without permission.
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
6 ǀ 12/23/19 © 2019 PSCU. All rights reserved worldwide. Confidential – do not copy or distribute without permission.
Fintech Disruption Occurring Across Ecosystem
Source: Business Intelligence
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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
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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
9 ǀ 12/23/19 © 2019 PSCU. All rights reserved worldwide. Confidential – do not copy or distribute without permission.
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?
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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
11 ǀ 12/23/19 © 2019 PSCU. All rights reserved worldwide. Confidential – do not copy or distribute without permission.
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
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Friend, Foe or Both?
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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
14 ǀ 12/23/19 © 2019 PSCU. All rights reserved worldwide. Confidential – do not copy or distribute without permission.
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
power of partnership in financial services
fintech in 2019
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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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power of partnership in financial services
building fintechpartnership
competency
entrepreneurial muscle
de-risking toolkits
startup mentality
values, vision, goals
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power of partnership in financial services
the pilot
startup as vendor
build / partner / buy
corporate VCtraditional
partnership models
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power of partnership in financial services
platforms
open banking
baas
alliancesemerging
partnership models
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power of partnership in financial services
sourcing the best
global lens
enduring relationships
social proof
prepared for diligence
23 ǀ 12/23/19 © 2019 PSCU. All rights reserved worldwide. Confidential – do not copy or distribute without permission.
Is your credit union open to working with Fintech partners?
Yes
No
1
2
Poll Question
24 ǀ 12/23/19 © 2019 PSCU. All rights reserved worldwide. Confidential – do not copy or distribute without permission.
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
25 ǀ 12/23/19 © 2019 PSCU. All rights reserved worldwide. Confidential – do not copy or distribute without permission.
Questions
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