MADISON, Wis. (5/29/13)--Mobile banking, mobile payments and mobile malware head up the list of Top 10 trends credit unions will need to consider as they create their strategies and goals, according to the Credit Union National Association's just-released 2013-2014 Credit Union Environmental Scan.
The 86-page E-Scan is a strategic planning tool that boards and senior management can use during their strategic planning sessions in the summer and fall, said CUNA Editorial Director Steve Rodgers.
Mobile payments "is a new ballgame," according to the E-Scan. "Members used to come to credit unions to get cash and credit union-branded checks or plastic cards. But members won't be coming to credit unions to get their mobile payment-branded devices. Mobile payments will be driven by access, not devices. The challenge will be to retain your members in a mobile payments world."
The scan notes that mobile banking has gone from "cutting edge to mainstream faster than any other financial innovation" and is becoming a "basic expectation, especially among younger consumers."
And the proliferation of mobile services and devices have attracted malicious software (malware), which means credit unions must invest in malware detection and prevention while educating members to protect themselves.
Other key trends credit unions can expect to consider during their planning session:
- Meager earnings due to downward pressure from the Federal Reserve's low-interest-rate policy;
- The Unite for Good campaign toward the strategic vision in which Americans choose credit unions as their best financial partner;
- Service in the new frontier--the unbanked and underserved;
- A heavier compliance burden;
- Prioritization for CEO succession planning as more CEOs retire; and
- Raising Gen Y's awareness about credit unions.
The E-Scan is available in paper or electronic formats and includes six chapters on recurring topics such as lending, marketing/demographics, economics, legislation and finance, and six chapters addressing issues of the day--such as mobile payments, serving the underserved, enterprise risk management, CEO succession planning, and more.
The E-Scan can be purchased by CUNA-affiliated credit unions as a single report or as part a strategic planning package that includes a DVD, monthly newsletter and PowerPoint presentation. For more information, use the link.