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by James Robert Lay on February 22, 2022
Brief Summary of Episode #170
If you can’t beat them, join them.
A common phrase we’ve all heard but one many financial institutions aren’t taking to heart when it comes to fintech partnerships.
But when you really look at it, it makes sense!
Fintech partners can be incredibly risky investments.
Traditionally, it’d take little to no thought to reject this kind of partnership. But it’s all about perspective here…
Yes, the risk may be high, but the reward is cutting edge technology that will differentiate your brand.
The alternative, becoming obsolete.
So yes, partnering may be risky, but infinitely less when the other option is failure.
I talk with Joel Swanson, Chief Member Experience Officer at VyStar Credit Union, about this necessary risk and advice for institutions struggling with the shift.
While the stakes may raise or lower, risk will always be present in the financial industry.
It’s all about weighing your options and choosing the one that will ultimately lead you away from failure.
Key Insights and Takeaways
- The conversations around digital 4 years ago at Vystar & what’s changed since then.
- How the member experience has changed most through a digital-first lens.
- How purpose has guided thinking around digital strategy & fintech partnerships.