Jan 2018: While vendor competition is viewed as a positive, Sabeh Samaha, CEO of the Miami Beach, Fla.-based technology consulting firm Samaha & Associates, said understanding the nuances of the credit union space takes time. As such, CU leaders should proceed with caution.
“Credit unions must realize that fintech is not a new concept, but rather new terminology. Financial services firms have always been creating and offering technology services to credit unions,” said Samaha. “So credit unions have to better understand what it is these vendors…are offering today.”
Samaha is encouraged that “venture capital” or “fintech” is investing in banking software and technology. His statement, however, comes with a caveat: “This is in its infancy and an acclimation period of discovery on both sides of the equation is required.”
Complete article at CU Journal