A new partnership involving the New York Credit Union Association aims to help credit unions in the Empire State better utilize emerging technologies.
NYCUA and fintech Quatrro Processing Service have partnered to offer the league’s member credit unions low rates on products and services geared toward risk mitigation and fraud prevention
“Up until this point, many financial institutions have watched the artificial intelligence revolution from the sidelines,” NYCUA President and CEO William Mellin said in a statement. “Now, New York’s credit unions have a real opportunity to harness emerging AI and machine-learning technologies in ways previously thought unimaginable.”
The partnership is driven by innovation, says Ronald McLean, who serves as SVP Chief Engagement Officer at the New York Credit Union Association. McLean also oversees business partnerships at the association.
“FinTech needs partnerships with state associations that can bring hundreds of credit unions as potential clients and our job is to find the right business partner,” he said. “It’s a national trend and I envision that as time goes on, more state level leagues will look for the right FinTech partnerships.”
McLean continued that today’s world is heavily influenced by experiences cultivated by Amazon, Lyft, Google and Instagram, and consumers expect the same seamless experience when banking. That begins with offering more up-to-date technology, he said.
The league said it plans to make grants available through its foundation for smaller credit unions that may not be able to afford these technologies. Credit unions with assets of $100 million or less can apply for grants that can be used for technology, marketing and digital services. The foundation distributed $65,000 among 24 credit unions across the state last year – twice as much money as was awarded in 2017.
“Something like Quattro would fall into that realm, so there is funding through our broader organization to help credit unions use money toward services like Quatrro,” said McLean.
