In the world of financial technology, it’s important to know that companies can form partnerships to better serve their clients. So how does QCash partner with other fintech companies?
Imagine a world where fintech companies received report cards. Not just the usual A, B-, C+, or D nonsense, but a report card with healthy evaluative comments on it. Both in preschools and in elite academic institutions, we know such methods of evaluation are still alive and well. While it’s certainly easy to take comfort in the knowledge that it’s possible to receive a passing grade by keeping your nose down, working hard, and offering consistent, dependable work, there’s always that last area: group projects. Group projects demonstrate the ability to communicate effectively, manage shared goals, and build something larger and more comprehensive, in a shorter timeline, than would be feasible by a lone wolf.
Most people don’t like group projects in school because students are notorious for bringing different levels of energy and care to a job. Fortunately, the professional level at which we operate is replete with dedicated professionals with skin in the game. We at QCash believe that the ability to work closely—and partner—with others in the financial industry is paramount to providing seamless, integrated solutions to credit unions members nationwide. We’re certain that, were we to receive a written grade, it would say that we have a strong ability to facilitate effective, mutually beneficial group work (or, in preschool terms, that QCash “plays well with others”).
What Do Fintech Partnerships Accomplish?
We understand that other fintech Credit Union Service Organizations (CUSOs) can partner for various reasons. We see synergies in the solutions that different companies provide. In areas where companies dovetail, the may be able to work together to offer a new service that would have taken too many resources to do in-house.
For example, we look to provide small dollar and payday lending that benefits both credit unions and their members. This requires that we minimize the amount of overhead required to evaluate and approve loans. We’ve talked with several alternate data providers about how to tweak operations for underwriting loans, which will allow us to better service new members and streamline the loan process. We’ve found that working with other fintech companies allows us to identify new ways we can serve our clients.
Ideally, strong partnerships among fintech CUSOs result in complementary products and services: one picks up where the other leaves off. QCash is poised to utilize the work of many other fintechs and, in return, make their products more actionable.
Examples of Working Partnerships
We’ve already mentioned our relationship with data companies and how they help us better underwrite small dollar loans, but our partnerships don’t end there. We also talk with international financial companies—with Canadian fintechs, for example—to see how we can expand our service. Another organization we’ve worked with is OnApproach. By connecting with their data lake, and through leveraging their newly released app store, we’ve looked into creating a QCash app that’s accessible to their clients.
We appreciate working with other fintech companies because, although we know we provide a good service on our own, we know that we can often build something stronger together. Through mutually-beneficial, complementary capabilities, we can provide solutions that do more and reach further. An A+ isn’t enough. We also want “plays well with others.” It’s better for everyone.
If you’d like to read more about credit unions and small dollar loan programs, follow the links below. Or, if you’re curious about how you can help your credit unions when they need you most, download our Member Crisis Guide.