Fintech Meetup Sessions: Growing Membership & Engagement – The Credit Union Playbook for Digital-First Expansion
- John San Filippo
- Apr 1
- 3 min read
By John San Filippo
Fintech Meetup was held March 10-13, 2025 in Las Vegas. Among the conference components were panel discussions that explored many pressing tech topics. Finopotamus attended several of these sessions. Panelists for this session were:
Nick Evens, President/CEO, Curql Collective (moderator)
Ben Maxim, CIO, MSU Federal Credit Union
Laura Kornhauser, CEO, Stratefy
Traci Michel, COO/CSO, Metro Credit Union
“Credit unions have long been known for their member-first approach,” began Evens. “But in today's digital landscape, attracting or entertaining members requires innovation – innovative distribution strategies with growing competition from big banks, neo banks, big tech and embedded finance providers. Credit unions must rethink their approach to growth and engagement.”
Foundation First: Mastering the Data Challenge
Before launching ambitious digital initiatives, getting the data house in order is non-negotiable. Traci Michel from Metro Credit Union emphasized this point, stating that while differentiation is the goal, data proficiency is essential groundwork. “We want our members to trust us when they interact with us digitally, but we have to trust our data first. And that’s hard work.” This foundational work, though time-consuming, enables the personalized and efficient digital experiences members expect.
Tailoring the Digital Strategy
Panelists highlighted diverse strategies for digital expansion:
Niche Digital Brands: MSUFCU has successfully launched distinct digital-only brands like AlumniFi and Collegiate, targeting specific demographics such as university alumni or students nationwide, often competing directly with neobanks. Ben Maxim explained the concept: “Figure out who is not a member of our credit union right now and who’s maybe interested in something that [a credit union can provide]. If we put out these digital brands like AlumniFi, how do we bring that forward?” These niche brands operate efficiently with minimal physical infrastructure, allowing for competitive rates.
“Brick and Click”: Metro Credit Union employs a strategy integrating digital capabilities with their physical presence in Massachusetts. This includes creating tailored digital experiences, like a complete end-to-end Spanish-language journey, for specific communities they serve, ensuring the digital experience aligns with the in-branch service.
Leveraging Analytics and AI Responsibly
Data analytics and artificial intelligence (AI) are powerful tools for enhancing member engagement, but panelists stressed responsible implementation. Laura Kornhauser highlighted the goal. “How do we leverage data, leverage advanced analytics to meet customers more where they are, have them tailor products and services, but ensure that we’re doing so without black boxes while the users still understand what’s going on,” she explained. Key applications include:
Hyper-personalization: Using analytics to anticipate member needs, like upcoming life events or potential cash-flow issues for small businesses, and offering tailored solutions at the right time.
AI for Efficiency and Insight: Deploying chatbots and conversational AI not only handles member inquiries efficiently 24/7, but also provides invaluable, transcript-based insights into member friction points and needs, driving product improvements.
Fraud Prevention: Utilizing AI to detect fraud in real time while minimizing friction (false positives) that can frustrate members. Panelists emphasized keeping humans involved to monitor AI and identify new fraud patterns quickly.
Governance: Establishing clear AI governance policies, often building upon existing data security frameworks, is crucial.
The Power of Fintech Partnerships
Partnerships are essential fuel for credit union innovation. Both MSUFCU and Metro Credit Union work extensively with fintechs (around 40 and 25-30 partners, respectively). Fintechs help accelerate strategy, provide specialized expertise (especially for CUs without large development teams), and deliver measurable results in member growth and engagement. As Michel noted, “Our fintechs are some of our best partners at helping us drive success.”
Meeting Modern Expectations
Credit unions aren’t just competing with other financial institutions; they’re competing with the seamless, personalized digital experiences members get everywhere. Maxim observed, “We’re actually competing with Amazon and Netflix and Instagram and pick your thing that people have on their phones right now. And that is really the hyper-personalization that they’re used to.” This includes meeting demands for low friction and real-time payment capabilities.
Advice for Potential Partners
What makes a successful fintech partnership? The panelists offered clear advice. Focus on solving current, clearly defined problems rather than introducing new ones. Michel advised fintechs: “Let’s talk about the problem that you’re helping me solve today. I don’t need to find more problems to solve.” A true partnership involves collaboration, mutual problem-solving, and measuring success together.
Growing membership and engagement in the digital age requires credit unions to build a strong data foundation, adopt innovative digital strategies, leverage AI thoughtfully, and strategically embrace fintech partnerships, Evens underscored, adding that it’s about rethinking the approach to meet members where they are and deliver the value they expect.