5 FinTech Deals That Happened in America in August 2022

By Edlyn Cardoza

FinTech describes new technology that seeks to improve and automate the delivery and use of financial services. At its core, FinTech is used to help businesses, business owners and consumers better manage their financial operations, processes and lives using specialized software and algorithms used on computers and increasingly smartphones. FinTech, the word, is a combination of “financial technology”.

The COVID-19 pandemic has accelerated the digitization process for the financial services industry. Amid unprecedented market volatility, the industry’s appetite for digital technology has increased. In the past month, some significant deals were completed by FinTech companies.

The following are 5 FinTech deals that took place in America in August 2022:

United Credit Union and Eastex Credit Union have partnered with Access Softek’s Access Digital to significantly enhance their members’ omnichannel digital banking experience. Access Softek is a digital banking platform provider that is fully integrated with credit unions’ CUnify™ core to provide members with a modern user interface and experience that users expect, while delivering functionality that allows credit unions to compete with larger banks and FinTechs.

United Credit Union’s partnership with Access Softek stemmed from the credit union’s strategic planning goals for 2020 when a hiatus in physical branch operations led to the need for more digital resources. United Credit Union will use Access Digital to offer members a more digital-first, modern banking experience.

Burbank, Calif.-based UMe Credit Union, with more than $300 million in assets, has partnered with digital banking provider Bankjoy to provide members with an online and mobile banking experience.

By collaborating with Bankjoy, UMe can promote its mission and give members the opportunity to easily manage their finances digitally. UMe’s members get access to Bankjoy’s digital banking platform, which includes mobile and online banking and other advanced functions.

CAIS, an alternative investment platform, and Hilltop Securities Inc., a broker-dealer, announced a strategic partnership. The partnership will connect HilltopSecurities’ financial advisor network with high-quality alternative investment products spanning hedge funds, private equity and debt, and real estate.

The CAIS platform also offers independent due diligence for quality assurance, and end-to-end transaction processing and automated reporting integrations. HilltopSecurities professionals will also be included in CAIS IQ, a technology-driven learning system that helps advisors learn and retain important information about alternative investments.

Great Southern Bank, based in Springfield, Missouri, will move to a core platform from Fiserv, Inc., a global payment and financial services technology solutions provider, to enhance its digital banking and payments experience and enable the integration of innovations from FinTechs and other third parties.

The bank will use DNA from Fiserv as its new core process platform and will have access to the complete Fiserv ecosystem of solutions. In addition to DNA, Great Southern Bank also selected digital banking, debit cards, checks and Enterprise Content Management (ECM) services from Fiserv.

Lumin Digital announced that Utilities Employees Credit Union (UECU) had signed a multi-year agreement for Lumin Digital’s cloud-based online and mobile digital banking platform. Lumin will support UECU’s more than 47,000 members and more than $1.4 billion in assets when the platform launches in March 2023.

Lumin Digital is a cloud-based digital banking platform, and will provide UECU members with an integrated, customized experience that matches the offerings of major financial institutions. Focusing on service, user experience, safety and security through sophisticated automation, Lumin Digital helps credit unions and financial institutions drive better engagement with their users through personalized recommendations.

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