Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Filene colloquium: Payments need to be all things to all members
MADISON, Wis. (2/21/14)--Credit unions need to be active in the changing market for payments systems despite uncertainty over its future, a Filene Research Institute report concluded.
 
The report, based on a recent Filene colloquium in Salt Lake City, found that members want to increase mobile banking options, even if they are rapidly changing.
 
But while there is far from a consensus on how the dust will settle, the colloquium agreed that demand is robust and isn't currently being fulfilled by credit unions.
 
"Members want to make payments to anyone, from anywhere and through any account," the report stated. "Most credit unions don't currently have the systems in place to make this happen, but they do have strengths that will serve them well in reaching this critical goal."
 
Muddying the waters, speakers said, was the fact that best practices or services aren't yet clear. Credit unions are grappling between different types of IT--namely the choice between near-field communications and cloud technology--and the extent to which services should be outsourced.
 
The report noted that credit unions can get a leg up in the competition for payment service demand by stressing their reputation for "better money management." It added that effective use of transaction data, "developing better ways to deliver plastic" and digital wallet development are prerequisites in this line of branding, however.
 
"Credit unions can't afford to take a wait-and see approach to the payments conundrum," the report concluded.
 
Experts at the event, from both inside and outside the credit union, discussed the digital wallet, emerging payments and how Canadian credit unions are changing with respect to payment services. They discussed the effect of payment services on revenue opportunities and member relationships.
 
A panel discussion also covered significant payment drivers, the importance of data, whether credit unions can compete when price drives consumer and merchant decision-making and why credit unions must embrace collaboration.
RSS





print
News Now LiveWire
A recent report from @TransUnion says consumers born 1981 or later made up 27% of total auto-loan originations in 2014, up 16% from 2009.
17 hours ago
.@CUNA says new House bill is "further evidence" of lawmakers' interest in how @TheNCUA uses its funds from CUs. See News Now Monday.
1 day ago
.@MECreditUnions announces winner of @YoungFreeME #SoundOff contest. @Sassquatch_Band will play Old Port Festival in June @PDD_Downtown
13 hours ago
House Financial Services Com. to hold March 3 hearing to receive the semi-annual report of @CFPB Director Richard Cordray.
13 hours ago
Rep. Jeff Miller (R-Fla.) re-introduced bill to ease veterans' access to loans for #smallbusiness purposes from a #creditunion (HR 1133)
15 hours ago