In this episode of TechSolutions4CUs, Finopotamus publisher John San Filippo interviews fintech legend Paul Fiore, tracing his career from the early days of online banking to his current work in wealth management technology. The conversation begins with the founding of Digital Insight, a pivotal moment in the evolution of financial services.

 Fiore recalls the limitations of PC banking in the mid-90s: expensive dial-up, cumbersome software updates, and complex distribution. He had an epiphany when he first saw a web browser, recognizing its potential to revolutionize banking. While at XP Systems, he secured funding to launch Digital Insight, a company dedicated to browser-based banking.

 A crucial aspect of Digital Insight’s strategy was partnering with competitors. Fiore recounts the story of securing a deal with Symitar, a major competitor to XP Systems. He strategically leveraged a key client to get a foot in the door and ultimately convinced Symitar’s leadership that partnering was in their best interest. This partnership proved vital for Digital Insight’s widespread adoption within the credit union space.

 Beyond Digital Insight, Fiore has explored diverse ventures, including restaurant investment and film financing. He briefly touches upon these experiences before shifting to his current focus: CU WealthNext.

 CU WealthNext is a collaborative platform designed to empower credit unions in the world of wealth management technology. Fiore explains the challenges credit unions face:

• Vendor Selection: Choosing from a multitude of fintech providers can be overwhelming.
• Integration: Piecing together disparate solutions can create complexity.
• Member Needs: Keeping pace with the evolving demands of younger demographics requires constant innovation.

 CU WealthNext addresses these challenges by aggregating a curated collection of wealth management fintech products. This simplifies vendor selection and streamlines integration for credit unions. Fiore also highlights CU WealthNext’s focus on financial literacy and incorporating safeguards into the offered products, particularly for crypto, recognizing that not all members are sophisticated investors.

 Fiore then analyzes the broader competitive landscape, noting the shift from banks as primary competitors to fintechs targeting consumers directly. This presents a new set of challenges for credit unions, demanding agility and a deep understanding of member needs. He offers key takeaways for credit union leaders:

•  Leverage CUSOs: Collaborate with credit union service organizations to gain access to technology and share the burden of due diligence.
• Understand Younger Members: Focus on attracting and retaining younger members by understanding their tech needs and preferences.
• Embrace Fintech Partnerships: Partner with fintech entrepreneurs to access innovation and expertise.

 Fiore’s insights provide a valuable perspective on the challenges and opportunities facing credit unions in the rapidly evolving financial technology landscape. He stresses the importance of adaptation, collaboration, and a constant focus on meeting the diverse and ever-changing needs of their members.