Nearly 60% of hesitant FinTechs said bundled, one-time onboarding would make them more likely to partner with credit unions.

Of FinTechs already selling to credit unions, 56% cited complex procurement procedures as a key impediment, while 54% pointed to slow decision-making.

Half of FinTechs said credit union infrastructure isn’t suited to new technology, and 46% said implementation takes too long.

A FinTech that wants to sell to 10 credit unions can face 10 separate onboarding processes. For a market made up of thousands of individual institutions, that repetition can affect whether a provider decides the opportunity is worth pursuing.

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Among FinTechs hesitant to sell to credit unions, 58% said a bundled, one-time onboarding process that could serve multiple institutions would make them more likely to partner, according to the September PYMNTS Intelligence report “FinTechs Want In: How Credit Unions Can Turn Partnerships Into Growth,” produced in collaboration with Velera. That’s up from 21% in November 2024.

A more standardized path into the sector could reduce the work required to establish each new relationship and give providers a way to reach multiple institutions without repeating much of the same onboarding process.

Interest in the market has grown. Among FinTechs that didn’t sell to credit unions, 48% said they were very or extremely likely to start within three years, compared with 4% in November 2023. Including those that were somewhat likely brought the share open to entering the market to 74%.

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