For decades credit union are offering investment services in exactly the same way. They offer traditional investment solutions, with financial advisors focusing on the top 1% of wealthier members and certificates of deposit (CDs) catering to the broader member base. This approach has not changed significantly, leaving a gap in accessible, flexible investment options for a majority of members. However, the future of credit union investing is moving toward democratization, with digital investment platforms providing low-barrier access to investments for all members. This shift is essential as younger generations expect seamless digital experiences that align with their financial goals. The future will likely involve more integrated, white-label digital investment solutions that enable credit unions to stay competitive while offering more value to all members.
Mart Vos
Mart Vos is the Founder and CEO of Eko, a fintech company transforming how financial institutions offer investing solutions. Under his leadership, Eko has developed a white-labeled investment platform that integrates seamlessly with existing banking infrastructure, making it possible for credit unions to provide investment opportunities to all members, not just the top 1%. Mart has over a decade of experience in financial technology and has been a key driver of Eko’s success, including winning the prestigious “Best of Show” award at FinovateFall 2024. His vision is to democratize access to investing, enabling everyday consumers to grow their wealth with simple, accessible tools. Passionate about innovation and financial inclusion, Mart continues to lead Eko’s growth in bringing user-friendly investment solutions to more institutions across the industry.
Speaking Topics
Digital investment platforms provide a host of benefits for credit unions:
- Attracting Younger Members: Millennials and Gen Z increasingly expect digital-first experiences. Credit unions offering accessible digital investing can appeal to these demographics, securing long-term relationships.
- Increasing Stickiness: Members with investment accounts log into their digital banking platforms 3.8 times more frequently, creating more engagement and deepening their financial relationship with the credit union.
- Increasing Deposits: On average, credit unions that offer digital investing see an 11% increase in deposits from members using these services, helping boost overall liquidity.
- Boosting Non-Interest Revenue: Digital investing products provide new streams of non-interest income through fees, services, and ongoing management, diversifying the credit union's revenue sources.
Third-party platforms like Robinhood, Acorns, and Betterment are aggressively targeting younger members of credit unions. Their strategy is simple but effective: offer low-threshold investments to entice younger users. A member might start with a small $100 investment on Robinhood, but these platforms quickly cross-sell additional financial products, such as high-yield savings accounts, credit cards, or even mortgages, which could take more business away from credit unions. What seems like a small transfer of funds can grow into a significant loss of members if credit unions do not step in to offer competitive digital investment solutions that meet their members' evolving needs.