CU Reality Check Coverage: CMG Venture’s Brian Kaas Bridges the Gap Between CUs and FinTechs

ATLANTIC CITY, N.J. - The banking environment is expected to be completely digital by 2020, warned CMFG Ventures, LLC President and Managing Director Brian Kaas. And he’s seen the trends to prove it.

Kaas

Consumers are now digital-dominant (67% use digital banking and 15% are mobile dominant​), mobile-only banks are coming to the US, and consumers are opening up to new communication channels (27% are open to using a voice assistant in everyday banking​), Kaas pointed out during his Tuesday morning Reality Check presentation titled “Bridging the Gap Between Credit Unions and FinTechs.”

He then turned the audience’s focus on disruption and how to see the signs: decline in membership, assets, products per member, the share of members younger than 30 years old, members’ outbound ACH payees, and more. 

Kaas gave the credit union leaders some pointers on how to respond to these signs once they are identified, the step to take when deciding whether or not to partner with a FinTech, as well as best practices when taking the plunge.

Additional photos are available online here.