The two-day event gave leading lights from across the fintech industry an opportunity to showcase their latest strategies, projects and innovations, while attendees soaked up valuable insight and expertise.
Benjamin Maxim, Chief Digital Strategy & Innovation Officer at MSU Federal Credit Union (MSUFCU), took to Stage 1 on day two to discuss the importance of partnering with fintechs to personalise your customer experience.
Supporting the best and brightest in fintech
Maxim began his keynote by reflecting on how partnering with fintechs became integral to MSUFCU's operations.
"We're a smaller financial institution," he said. "When I started we were US$1.7 billion in assets and, in order to keep up and really serve our members, we had to figure out different way to deliver some of the services.
"We couldn't just buy everything we needed and some of the things we were buying was really hard to customise. So, we started doing a lot of our own stuff, which led to us eventually creating an innovation lab after we made our own digital banking.
"The fintech industry picked up and we decided we didn't really need to build everything ourselves anymore. Other people were doing it better. So, we started our innovation lab, The Lab at MSUFCU, and we created a separate brand so we could try things and partner with companies to see what our members really wanted to do."
He went on to discuss the creation of the Reseda Group, a subsidiary of MSUFCU, which sees the credit union invest in and create products, in addition to forming meaningful partnerships.
"There's a bunch of partners we've invested in to help them grow in the community banking space. Quite often, fintechs find the large players forget about all the smaller institutions, so we're trying to provide an avenue through strategic investment to help them think of community financial institutions.
"They [partners] are spread across a number of different verticals but, at its core, all of them are trying to help improve the customer experience for our members at the credit union. We're helping them grow to be able to serve more and more institutions and grow their products to be member centric."
To watch the session in full, simply follow the video link at the top of this story.
Want to see more from FinTech LIVE London 2023? Stay tuned to our website for more content, which will be coming your way very soon.
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