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Credit unions continue to drive modernization efforts, often with a focus on their growing business member segment, and often with a FinTech as a co-pilot. This week’s look at bank-fintech collaboration finds more credit unions embracing the collaboration trend to accelerate innovation, while a legacy financial institution turns the traditional bank-fintech tie-up model on its head.
While FinTechs are often the ones to drive Banking-as-a-Service innovation, Goldman Sachs has recently taken steps to broaden its own BaaS offering as a legacy financial institution. According to Goldman CEO David Solomon, who discussed the initiative on a recent earnings call, the small and medium-sized business (SMB) lending collaboration with Amazon “will allow us to leverage our proprietary digital underwriting decision platform using data shared by Amazon’s third-party sellers to provide inventory and operational financing to support their growth.”
https://www.pymnts.com/news/b2b-payments/2020/credit-union-bank-fintech-collaboration/
