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Credit unions beginning to embrace fintech: ‘The way Canadians use financial services is rapidly changing’

Like Canada’s big banks, lending institutions are starting to embrace ‘fintech’ – financial technology – to protect key consumer and lending businesses from upstart online challengers which use a combination of data and technology to entice customers.

British Columbia’s First West Bank and Vancouver-based Grow announced Wednesday they’ve formed a partnership targeting B.C. residents. , Northern Bank, located in Sault Ste. Marie, Ont.,  unveiled intends to build its very own fintech lending business with an account opening tool that will provide Ontario-based smaller businesses accounts with unsecured credit lines as much as $250,000.

Whether they are buying or building the ability, the financial services firms appear to agree the interest in the type of innovations provided by fintech firms is here to stay.

“The way Canadians access and use financial services is changing rapidly,” says Launi Skinner, First West Credit Union’s leader who served previous stints in senior executive positions at Starbucks and 1-800-Got-Junk.

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