Technology

U.S. Could Become 'Fraudster's Paradise' by 2012

July 15, 2010
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“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.

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“But the U.S. has been reluctant to make the conversion to chip cards,” he said. “So, by 2012, the U.S. will stand alone as the only major country without this technology, which will make it a fraudsters’ paradise.”

Another challenge credit unions will face in the future: having to deal with an inverted business model. “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 added. “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.”

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Great article! Unfortunately, most employees don’t feel valued or appreciated by their supervisors or employers. In fact, research has shown that the predominant reason team members quit their jobs is because they don’t feel valued. This is in spite of the fact that employee recognition programs have proliferated in the workplace – over 90% of all organizations in the U.S. has some form of employee recognition activities in place. But most employee recognition programs are viewed with skepticism and cynicism – because they aren’t viewed as being genuine in their communication of appreciation. Getting the “employee of the month” award, receiving a certificate of recognition, or a “Way to go, team!” email just don’t get the job done. How do you communicate authentic appreciation? We have found people have different ways that they want to be shown appreciation, and if you don’t communicate in the language of appreciation important to them, you essentially “miss the mark”. Additionally, employees need to receive recognition more than once a year at their performance review. Otherwise, they view the praise as “going through the motions”. A third component of authentic appreciation is that the communication has to be about them personally – not the department, not their group, but something they did. Finally, they have to believe that you mean what you say. How you treat them has to match the words you use. If you are not sure how your team members want to be shown appreciation, the Motivating By Appreciation Inventory (www.appreciationatwork.com/assess) will identify the language of appreciation and specific actions preferred by each employee. You then can create a group profile for your team, so everyone knows how to encourage one another. Remember, employees want to know that they are valued for what they contribute to the success of the organization. And communicating authentic appreciation in the ways they desire it can make the difference between keeping your quality team members or having a negative work environment that everyone wants to leave. Paul White, Ph.D., is the co-author of The 5 Languages of Appreciation in the Workplace with Dr. Gary Chapman.

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