28th March 2018 Ascension Team

Fintech providers say their products could turn credit unions into challenger banks

Andrew Rabbitt from Incuto, which develops financial technology for credit unions, said new tech could “make credit unions into community-focused challenger banks …. faster than a payday lender, more functional than a bank, and cheap”.

Pitching his fintech to the ABCUL conference, he said it could offer new possibilities to the sector, such as partnering with the Post Office to offer branch facilities where members can deposit and withdraw money.

“That’s the kind of stuff that fintechs can do, it comes with a bank account and sort code,” he said. “It allows you to connect in a really safe and ethical way with the people you want to get in touch with.

“It also reaches people currently sat in banks wondering if there’s somewhere better to go.”

“We’re using innovative tools to make it fast and slick.”

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