Guest: Austin Wentzlaff

Welcome to Credit Union Conversations! Today, I’m joined by Austin Wentzlaff from Nook to discuss how credit unions can evolve beyond competitive rates and traditional relationships by using digital tools to deepen member engagement. We’ll explore how Nook takes a fresh approach—focusing on lifestyle topics like travel, health, and relationships—to build trust and naturally drive financial product adoption. Plus, we’ll dive into the role of venture capital in fintech, the challenges early-stage companies face, and what it really takes to bring innovation to the credit union space.

IN THIS EPISODE:

  • (00:00) Introduction 
  • (01:50) Austin shares his professional journey
  • (07:36) Austin explains Nook’s purpose and how it operates
  • (13:39) How is the industry responding to the premise of Nook’s purpose
  • (17:44) What is in Nook’s future and Austin explains the roots of FinTech Accelerator
  • (25:16) Discussion of venture capital

KEY TAKEAWAYS:

  • The credit union industry has thrived on competitive rates and strong member connections, but digital tools now deepen engagement. By focusing on lifestyle topics over direct financial discussions, this approach builds trust and drives natural product adoption.
  • Successful early-stage fintechs and QSOs must be innovative, not just marginally improving existing solutions. They should be in a pilot phase with limited clients and employees, and they must be genuinely committed to the credit union industry rather than just exploring it as a potential revenue stream.
  • While venture capital provides diversification and reduces risk for credit unions, it can also create a disconnect. Historically, credit unions invested in QSOs they were already working with, ensuring strategic alignment. The shift toward aggregated investment funds may weaken direct relationships between credit unions and fintechs, potentially impacting strategic collaboration.

RESOURCE LINKS:

Mark Ritter Website
Mark Ritter – LinkedIn
Austin Wentzlaff – Nook – LinkedIn
Nook – Website
Austin’s Email

Mark Ritter is the CEO of MBFS and an expert in credit unions and business lending. His primary role at MBFS is overseeing the strategy of helping credit unions assist members with business needs and consulting with credit unions on planning the delivery of services to their membership.

Austin Wentzlaff

Austin Wentzlaff is the Co-Founder & CEO of Nook and brings 10+ years of credit union industry, CUSO, and Fintech startup leadership experience.

Prior to starting Nook, Austin was the Founder and CEO of Fintech Accelerator, a consulting firm focused on bringing new technologies to the credit union industry, whose client list included CUSOs, RenoFi and Illuma, among other successful startups. Prior to founding Fintech Accelerator, he was the Chief Revenue Officer overseeing sales and marketing efforts at OnApproach, a CUSO acquired by Trellance in 2019. He has spent the entirety of his career in the credit union industry, where he has worked exclusively for Fintech startups from the earliest stages of growth through exit. Austin has extensive experience working with Fintech startups as an early employee (joining OnApproach, Illuma, and RenoFi all with less than 10 employees) and a key contributor, instrumental in their early success.  

Austin is an alumnus of Gustavus Adolphus College, where he received a degree in Financial Economics.