Power of Partnerships: How Credit Unions and Fintechs Are Collaborating to Deliver Truly Canadian Financial Services Experiences

At this year’s Women in Payments Symposium, a dynamic panel, with panelist Natalie Castiel from Collabria, explored the evolving relationship between credit unions and fintechs, a partnership that’s reshaping the Canadian financial services landscape. The session, Power of Partnerships, brought together leaders from both sectors to discuss how collaboration is driving innovation, improving member experiences, and strengthening communities.

Panelist: 

• Elizabeth Duke (Moderator), Principal Consultant at DecAid Consulting Inc
• Jay-Ann Gilfoy, President and Chief Executive Officer at Meridian Credit Union
• Su Ning Strube, Chief Growth Officer at JUDI AI
• Natalie Castiel, Head of Products and Partnerships at Collabria Financial Services

Understanding the Credit Union Advantage

The discussion opened by highlighting the unique value proposition of Canadian credit unions. For fintechs seeking financial institution partners, credit unions offer a compelling alternative: deeply rooted in community, member-owned, and mission-driven. Their cooperative model and commitment to reinvesting in local economies make them ideal collaborators for fintechs looking to scale responsibly and meaningfully.

Why Collaboration Works

Natalie and Su Ning unpacked the mutual benefits of credit union-fintech partnerships. From the credit union perspective, limited capital and resources mean that strategic partnerships are essential to staying competitive. Fintechs bring technological agility, speed to market, and innovation, that support credit unions in enhancing their offerings without compromising their core values.

Su Ning shared how fintechs benefit from the credibility, brand trust, and community reach of credit unions. These partnerships enable fintechs to test products, access funding, and navigate change management more effectively. Together, they’re able to move faster, adapt to constant change, and meet rising member expectations for digital-first experiences.

"Financial institutions bring trust and regulatory strength; fintechs bring speed, flexibility, and innovation," says Natalie about why collaboration of credit unions and fintechs work.

The Ingredients of a Successful Partnership

Using the People, Process, and Tools framework, the panelists explored what makes these collaborations thrive:

• People: Jay-Ann emphasized the importance of understanding cultural differences. Credit unions operate under strict regulatory frameworks, and successful partnerships require buy-in across the organization, from leadership to front-line staff. Transparent communication about risk mitigation and member benefits is key.
• Process: Su Ning advocated for a “crawl, walk, run” approach. Fintechs often work iteratively, starting with a minimum viable product and evolving through milestones. Trust, stakeholder alignment, and rigorous post-implementation reviews are essential. Natalie added that credit unions must conduct thorough third-party risk management, especially when working with newer fintechs.
• Tools: Natalie reminded us that technology must be grounded in a deep understanding of the processes it supports. Tools alone don’t solve problems; they must be thoughtfully integrated into the broader strategy.

Looking Ahead: Open Banking, AI, and the Future of Payments

The panel turned to the future, discussing how open banking and AI will shape CU-fintech collaborations:

• Open Banking: Jay-Ann noted that credit unions are already engaging in data-sharing initiatives, paving the way for more personalized and secure member experiences. Su Ning added that open banking will accelerate innovation and competition, offering fintechs new opportunities to co-create with credit unions.
• AI: Jay-Ann highlighted AI’s potential to enhance member service, streamline operations, and improve fraud detection. For credit unions, AI can be a powerful tool if implemented with care and transparency.
• Payments Innovation: Natalie spoke to the rapid evolution in payments, from real-time rails to embedded finance. These changes demand agility and collaboration, making credit union-fintech partnerships more critical than ever.

Why It Matters: Impact on Canadians and Communities

These partnerships aren’t just about technology, they’re about people. A strong fintech sector means more Canadian-made innovations, faster time to market, and greater choice in financial services. And because credit unions reinvest in their communities, the value generated through these collaborations directly benefits the people they serve.