Credit unions thinking about increasing their involvement in mobile payments should consider their:
An inflection point
Credit unions find themselves at an inflection point in the payments industry.
New technologies have made it possible to replace the current payments infrastructure with mobile devices and low-cost, off -the-shelf hardware and open soft ware solutions.
This inflection point creates an opening for credit unions to redefine the payments infrastructure in a way that eliminates or reduces third parties’ control over the infrastructure deployed in their members’ hands and used at retail locations.
As credit unions help redefine payments, they can reduce costs, increase new revenue streams, and create a better experience for their members.
Adapted from the 2013-2014 CUNA Environmental Scan Report.
RICHARD CRONE is CEO/founder of Crone Consulting LLC. Contact him at 650-740-5239.
HEIDI LIEBENGUTH is managing partner at Crone Consulting LLC. Contact her at 650-740-5253.