Mobile Payments

The single greatest opportunity—and threat—CUs will face in the foreseeable future.

June 01, 2013
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Strategy integration

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.

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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 ( 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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