Konduit platform was recently covered in TechBullion providing insight into how Konduit’s no-code infrastructure is equalizing the playing field for community banks and credit unions by enabling them to compete with large financial institutions. TechBullion is a financial technology news portal focusing on global fintech news and markets, followed by over 150,000 business executives from financial institutions.
Traditionally, local banks and credit unions have completed leveraging their community connection and the inherent trust of their customers. TechBullion cites, “Chicago Booth/Kellogg School Financial Trust – 60 percent of financial decision-makers in America reported a high degree of trust in credit unions. Only 30 percent said they considered big national banks trustworthy.”
However, these unique advantages are no longer enough to offer a sustained competitive advantage. They must bring their A game in digital experience, new products, and embedding early on in their customer journeys.
Konduit provides a solution to the challenges faced by community banks and smaller to midsize lenders. Konduit’s platform has over 25 fintech partners that banks can access through a single API. By taking advantage of these fintech solutions, banks can boost demand in their region, improve digital experiences when customers are applying and onboarding, as well as increase opportunities for cross-selling and grow non-interest income. Nish Krishna of Konduit states, “Community banks are integral to local economies and our platform helps them stay current and digitial-first.”