SUMMARY: Whether it’s app-based banking or faster loan approvals, fintech is transforming how our members take care of their personal finances.

From opening an account to planning your financial future, technology is transforming how consumers manage money. “Fintech” – short for financial technology – is replacing slow, paper-heavy processes with smarter, faster, more secure tools.

"Fintech provides the Credit Union with an opportunity to stay competitive in a rapidly evolving market,” said Anthony Fletcher, Vice President Payments at American Airlines Federal Credit Union. “These advances enable us to deliver innovative services and technology solutions at a faster pace, ensuring members receive modern, efficient, and personalized experiences that meet their everyday banking needs.”

Digital Interactivity

Most members have embraced the convenience of fintech. For many, your first taste came when you opened your Credit Union account. Today, fintech makes it possible to open a new checking or transaction account along with other products entirely online. Taking care of personal finances is faster and easier than ever for members – who often don’t even have to leave their couches – and we’re always working to make the experience even better.

Monitoring your account is even easier, too. If you’ve used the Credit Union’s mobile banking app,^♦ you’re using fintech, and it has made keeping up with your finances that much easier. Downloaded for free from the Apple^® and Google™ app stores, members can securely access their accounts anytime, day or night. Transfer funds, monitor credit scores, change account preferences and mobile deposit, all from the palm of a hand.

Everyday Experiences

Cashless payments represent one of the biggest and fastest growing fintech applications. A Cap Gemini study found $1.6 trillion moved through cashless payment systems in 2024, up from $1.4 trillion the year before. As Credit Union members, you can use the Send Money feature that’s part of our online banking platform to transfer funds directly from your checking account to recipients.

Applying for a loan at the Credit Union is faster and easier than ever, and fintech is a key reason. Nowadays, you can complete an application entirely online without entering a Credit Union branch, filling out a single piece of paper or even making a phone call. And fintech does more than make all-digital loan applications possible. It also works behind the scenes to streamline and speed the approval process. So, you can get approved for an auto, recreational, personal or other loan seamlessly.

“Members now expect the same speed, personalization, and convenience they receive from top consumer apps like Amazon or Uber,” said Fletcher. “The Credit Union is meeting these expectations with a mobile-first mindset that include services such as real-time loan decisioning, personalized product recommendations, card controls, and credit report monitoring. These innovations keep members informed, in control, and engaged in real time.”

Purposeful Planning

When it comes to planning and improving your financial future, fintech makes important contributions. The Credit Union’s skill-building web tool, The Navigator*, for instance, exemplifies marrying digital technology with old-fashioned financial principles. Budget-building apps, stock-trading platforms and online credit report reviews are all examples of the way fintech gives members more insight and control over their financial futures.

Personal Pick

Fintech opens the door to greatly improved financial transparency. With its help, members can check account balances, monitor the progress of loan applications and much more, and all of it 24/7 without ever having to leave the house.

But according to a report from fintech firm Plaid on how it’s reshaping finance, seven in 10 Americans are not yet ready to fully turn financial decisions over to Artificial Intelligence (AI), a technology that’s increasingly being used in the most advanced fintech applications. Furthermore, not all Credit Union members have access to computers, smartphones and tablets.

With that in mind, American Airlines Credit Union continues to offer members a choice with 85,000 conveniently located ATMs worldwide and 46 U.S. branches around the country. Members can schedule face-to-face sessions with professionally accredited advisors to go over their situations and prepare comprehensive financial plans.

“We continue to prioritize in-person service alongside digital capabilities,” Fletcher says. “Branches and our Member Advocacy Center provide high-touch support, while staff continue to advise members how to explore digital tools at their own pace. This balanced approach ensures every member can choose the service channel that works best for them.”

Apple is a trademark of Apple Inc.; Google is a registered trademark of Google LLC.* The Navigator is powered by Enrich ^♦ Message and data rates may apply. Check with your mobile provider.