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U.S. could become fraudsters paradise by 2012
LAS VEGAS (7/15/10--“In an effort to combat fraud, chip-card technology is becoming the standard in every country but the U.S.,” Mark Sievewright, corporate senior vice president for Fiserv, told attendees Wednesday morning at the 1 CU Conference in Las Vegas. “But the U.S. has been reluctant to make the conversion to chip cards,” says Sievewright. “So, by 2012, the U.S. will stand alone as
The U.S. is reluctant to make the conversion to chip cards, which will make the U.S. a “fraudsters’ paradise,” said Mark Sievewright , corporate senior vice president for Fiserv, Wednesday morning at the 1 CU Conference in Las Vegas. He conducted a breakout session on “Positioning Credit Unions for Fast-Growth Economies.” (Photo provided by CUNA)
the only major country without this technology, which will make it a fraudsters’ paradise.” Another challenge credit unions will face in the future is having an inverted business model, according to Sievewright. “During recent history, loan growth has always exceeded savings growth,” he said. “Now and for the foreseeable future, however, savings growth will exceed loan growth. Credit unions need to figure out how to succeed in that environment.” Shifting demographics will present another challenge. “Different age groups want different financial products, services and delivery channels,” he said. “Credit unions will have to provide a wide variety of products and services--and they’ll have to provide them through a variety of delivery channels. “The Apple iPad--or something like it--could become the branch of the future,” said Sievewright. “Your members will expect to be able to access your credit union from their offices, briefcases, or homes through these remote devices. “In the U.S., people over age 80 represent the fastest growth demographic group,” he said. “It’s obvious these people will be interested in income generation, but they’ll also have loan demands. Your credit union needs to be in a position to serve these octogenarians,” says Sievewright.
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