Open Banking Challenges & Opportunities for Credit Unions

Credit unions face many challenges -- fintechs, high member expectations, emerging technologies, and more.

Recently, the Consumer Financial Protection Bureau (CFPB) passed its open banking Rule 1033, which will give fintechs and banks even greater access to credit union members’ financial information, creating more opportunities to offer competing products and services. The race will be on for credit unions to utilize their own data effectively first.

Many credit unions participate in open banking without realizing it, as fintechs access their members’ data through screen scraping or APIs. In addition, credit unions often have extensive member data but face challenges in effectively analyzing and leveraging it to enhance services and make data-driven decisions.

Attend this this panel discussion to learn how credit union lending executives and industry leaders are preparing for open banking, what technologies they are utilizing and how they are taking the opportunity to improve member care.