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How FinTech is Disrupting &
Partnering with our Industry
…a story in three parts.
- Mark Zmarzly, Founder & CEO of
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Our Changing
Industry
11+ Years working with 100s
of Banks & CUs
@BankMarketing, ABA, BAI,
JD Power, Stonier
I saw the change as more
than just a move to Digital
Hip Pocket/Money33
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Phase 1: Disruption Phase 2: Defensive
Phase 3: Collaboration and Acquisition
Banks
Spending Save/Invest
FinTech
5
6Banks
Spending
FinTech
Save/Invest
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Natural Pairings are Happening in FinTech
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“Northwestern Mutual wanted to be at the center of their clients’ financial lives,” chief technology officer Karl Gouverneur. “Are my kids going to buy life insurance from a person? I don’t think so. I think my son will be allergic to that type of interaction.”
Northwestern Mutual + LearnVest
Natural Pairings are Happening in FinTech
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Affirm + Sweep
“Max Levchin, co-founder and CEO of Affirm, acknowledged that users will most likely never be using Affirm’s loan products on a daily basis. So, the company wants to expand into services outside of lending, with the goal that users would use these services more often than they use Affirm’s loan product – maybe even on a daily basis.”
First: Peer-to-Peer Comparisons
Second: Mobile & Millennial
Anti-Status Quo: We attacked the
big banks via Kickstarter.
Hip Pocket/Money99
https://www.kickstarter.com/projects/1121520886/hip-money-app-and-the-fu-movement
$21,600 raised 10
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First: Peer-to-Peer Comparisons
Second: Mobile & Millennial
Anti-Status Quo: We attacked the
big banks via Kickstarter.
Engagement & Advocacy: Daily
positive emotional engagement &
debit elimination/refinance savings
as the path to the future.
Hip Pocket/Money1212
Underneath most effective #FinTech is advocacy!
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Proposed CU Takeaways
Look for ways to partner with Startups on pilots…they need distribution
and you all need member innovation!
Current members – engagement, advocacy, and cross sell.
Prospects – engagement and acquisition in new ways.
Commercial – where is small business/commercial innovation
happening and can you be the vehicle?
.
Partnership allows for faster movement and less risk.
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In Summary
1 2
How does this new
FinTech collaboration
movement fit with your
current strategies?
How will your credit union
adapt to technology and
change in the future?
- What’s the future of
member engagement?
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Questions?
Some Resources:
Goldman Sachs: We're in the 'second wave' of fintech: http://www.businessinsider.com/goldman-sachs-global-head-of-fintech-
on-the-three-waves-of-fintech-development-2016-9
Fintech's 'Third Wave' Is Coming, And It Will Change Everything: http://www.forbes.com/sites/chrismyers/2016/10/03/fintechs-
third-wave-is-coming-and-it-will-change-everything/2/#61461ba138e7
Mark Zmarzly 402-802-1005
