In a move toward modernizing its financial services, OnPoint Community Credit Union has announced a partnership with FusionIQ to bring advanced wealth management tools to its members. This collaboration, revealed Tuesday, will provide more than 581,000 members across Oregon and Southwest Washington access to digital investment solutions through FusionIQ’s FIQ Journey platform.
The move underscores a growing trend: credit unions are evolving beyond traditional banking to become hubs for comprehensive financial management.
Historically, credit unions catered to community savings and lending needs. However, as younger, tech-savvy demographics demand more sophisticated financial services, the landscape could be changing. OnPoint’s decision to integrate FIQ Journey, which supports hybrid digital advice and self-directed investing, is a direct response to this shift.
“At OnPoint, we are dedicated to building strong communities through financial growth and well-being,” said Jim Hunt, OnPoint’s Senior VP and CFO. “The FIQ Journey platform aligns with OnPoint’s guiding principle of pursuing innovation to offer simple and effective solutions that support each member’s financial journey.”
The partnership also emphasizes FIQ Journey’s ability to integrate into OnPoint’s existing systems, simplifying members’ ability to invest securely and track progress. FusionIQ’s platform, known for its white-label technology and rapid deployment, promises an enriched user experience while driving OnPoint’s mission of community financial well-being.
The Rise of Credit Union Tech
Credit unions, long overshadowed by major banks, are capitalizing on fintech advancements to democratize wealth-building tools. According to Eric Noll, CEO of FusionIQ, platforms like FIQ Journey enable financial institutions to “retain and grow their member base with a proven, digital-first experience.”
OnPoint’s partnership with FusionIQ also signals a broader industry trend. Wealth management, once the domain of Wall Street, is becoming more accessible through digital transformation. By aligning with Arete Wealth as the broker-dealer for self-directed investing and leveraging FusionIQ’s hybrid advice capabilities, OnPoint could be an early mover in the credit union space.
Next Up for Credit Unions
For OnPoint, the partnership could be a step toward bridging the gap between traditional banking services and the future of digital wealth management. This shift may not just be about tools but also about cultivating deeper member engagement, particularly with the digital generation.
“Whether it’s the need for a defensive strategy, offensive, or both, FIQ Journey is delivering the digital investing experience that can attract a new digital-native demographic that will be the future of the credit union revolution,” said Peter Brittain, FusionIQ’s Head of Business Development.
As OnPoint and FusionIQ usher in this new era, the implications are clear: credit unions are no longer just about savings accounts – they’re shaping the future of personal wealth management.
