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Tech Time: Collaboration beats competition

first_img“We’re not scared of fintech.”Nor should you be, explains CUES member Andrew Kempf, president of $450 million 4Front Credit Union, Traverse City, Mich. “If it makes things better for member experience, then we embrace the concept,” says Kempf.Embracing fintech can mean a lot of things, but 4Front CU and four other Michigan credit unions have moved beyond support to startup investment, collaboration and ownership.“Fintech and the collaboration of credit unions is important because there are some very smart people out there, entrepreneurs that have ideas credit unions haven’t even thought of,” Kempf suggests. “It’s important that we be open-minded—we’re all concerned fintech is going to ‘eat our lunch,’ but if we collaborate, we can all have a bigger lunch.”These like-minded credit unions, including $855 million Community Choice Credit Union, Farmington Hills, Mich.; $632 million LAFCU, Lansing, Mich.; $489 million Team One Credit Union, Saginaw, Mich.; and $724 million Wildfire Credit Union, Saginaw, Mich.—along with Credit Union Solutions Group, Livonia, Mich., an arm of the Michigan Credit Union League—joined forces to cooperatively search for opportunities to innovate. For the past couple of years, the CUs have gathered for an annual “CUSO conference.” continue reading » 13SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more