Red Rocks Credit Union in Colorado has launched a new app and online banking to win back customers from fintech apps. Here is what that could mean for you.
Red Rocks Credit Union in Colorado has launched a new app and online banking platform. The goal is to compete with fintech apps, which have pulled customers away from traditional banks, according to FF News.
A credit union is a member-owned financial institution. The people who bank there are the owners. Fintechs are technology companies that offer money services, often through a phone app. Many people have moved their banking to them. The new Red Rocks platform is described as member-centric, meaning it is built around the people who own the credit union.
The source material is thin. It does not say how the new platform works or how it compares with fintech apps. These details were not available:
Until Red Rocks shares more, it is hard to judge how well the platform will compete.
If you bank with a credit union, expect better apps as these institutions respond to fintech competition. If you use a fintech app today, it may be worth comparing fees and features against what your local credit union now offers. Red Rocks members should watch for details from the credit union itself.
Credit unions are upgrading their apps to compete with fintechs, so compare fees and features before deciding where your money lives.
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