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Industry thought leaders discuss the evolving relationship between fintech and credit unions 

Elizabethtown, KY – Today, Venminder, a leader in third-party risk management solutions, is excited to announce the release of a thought-provoking podcast that delves into the transformative effects of financial technology (fintech) on credit unions. The podcast features an in-depth discussion with industry experts Barb Lowman, President at CUNA Strategic Services, and Idrees Rafiq, Information Security & Risk Management Consulting, Vice President at Cornerstone Resources. 

The podcast, moderated by Hilary Jewhurst, Head of Third-Party Risk Education & Advocacy at Venminder, explores how credit unions are evolving with the help of fintech to expand their member base and offer a wider range of products and services. The conversation sheds light on the importance of third-party risk management and the strategic partnerships between credit unions and fintech companies.  

“It’s exciting now more than ever to see credit unions embracing fintech and solutions that will help future-proof our industry as well as their own shops,” said Lowman. “Credit unions are hyper focused on how they can advance on their own digital journeys to better connect with, engage, and serve their members. Many credit unions are doubling down on attracting and serving younger generations – and they really couldn’t do that without the help of fintech.” 

As credit unions embrace fintech partnerships, it is crucial to recognize that fintech companies are considered third parties and need to be managed. Rafiq provides insights into third-party risk management, emphasizing its role in protecting credit unions from this associated vendor risk. He has also observed how fintech has matured their security practices. 

“There's been a significant shift – fintech companies are now embedding risk management into their DNA,” said Rafiq. “It's not just about compliance; it's about building trust. By adopting real-time risk monitoring and engaging in transparent communication with credit unions, fintechs are not only addressing regulatory expectations, but are also enhancing the resilience of their solutions. This proactive approach is setting a new standard, ensuring that partnerships between credit unions and fintech companies are both innovative and secure.” 

The podcast serves as a valuable resource for both credit unions and fintech companies. It aids credit unions as they seek to understand the nuances of third-party risk management and the benefits of fintech collaboration. Simultaneously, it assists fintech professionals in better understanding their clients’ needs and motivations. By incorporating tools and investments into their third-party risk management programs, both credit unions and fintech companies can strengthen their resilience to risks, improve regulatory compliance, and safeguard the interests of their members and clients. 

Listen to the comprehensive podcast and gain a deeper understanding of fintech’s role in the credit union industry and learn more about: 

  • Major considerations credit unions should have when looking for a fintech partner 
  • How third-party risk management in fintech has evolved and how fintech companies are addressing related challenges 
  • What a credit union should look out for to effectively vet potential technology partners  
  • Red flags to watch out for with fintech partners and effective remediation strategies for credit unions that are just getting started or have lower third-party risk management maturity and need to know where to focus 
  • Third-party risk management tools or investments that should be on the list for every credit union and fintech company, regardless of size or program maturity   
  • What credit union boards should be doing when it comes to third-party risk management 
  • How credit unions and fintech companies can proactively manage cybersecurity risks with third-party vendors 
  • How to influence your credit union’s senior management to take third-party risk management seriously and advocate for third-party risk management

About Venminder:

Venminder is an innovative, customer-motivated company that is mission-driven to help solve the many challenges organizations face when managing risks from outsourcing to third parties.

Venminder provides a dedicated platform to empower effective end-to-end lifecycle management and mitigation of third-party risks. Venminder creates long-term collaborative partnerships with their customers, providing implementation assistance, product and best practices training, ongoing support, access to expertise and more.