Be in the Game!

In the world of payments, be a trendsetter, not a trend follower.

March 12, 2014
KEYWORDS credit , payments , unions
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A few weeks ago I called your attention in this forum to the way I and countless other Americans are being smitten by our smartphones and how we can find an app for just about anything.

No one will argue that the technology supporting smartphones—and tablets as well—is dramatically changing how we live and, more important, impacting the way we do our banking, especially how we make payments to vendors and even our friends.

In the March issue of Credit Union Magazine, my feature article, “A New Payments Paradigm,” simply scratched the surface on what I see has become a very complex and oftentimes confusing landscape.

The growing sophistication of mobile apps and the impact of Big Data are teaming up to exert a force that will profoundly change our lifestyles—particularly in what we purchase and how we pay for it.

The key message for credit unions in this new world of payments: Be in the game.

Don’t hide on the sidelines or allow other financial service providers to muscle you out of the way. Your member/owners—American consumers—want choice, ease of use, and access on a 24/7 basis.

Lagging behind in meeting these expectations while others are dangling new payment features before their eyes can’t be tolerated. And there’s no reason for credit unions to take a back seat to anyone.

Already, a growing number of CUSOs and trusted vendors are providing credit unions with the opportunities to meet and capitalize on the challenges mobility presents. Many were on hand to showcase their solutions during CUNA’s Governmental Affairs Conference.

Working together cooperatively, asking the right questions, and listening to one another and to those who demonstrate expertise can prove to be a winning formula to position credit unions as trendsetters, rather than trend followers.

Check out my feature article. If you feel as strong as I do about credit unions and our future, I want to hear from you.

Post your comment below and let’s get the conversation going—off the record.






WALT LASKOS is Credit Union Magazine's editor-in-chief.

Caroline Willard
March 13, 2014 8:37 pm
Walt: Thank you for your entry encouraging credit unions to “get in the(mobile) game.” CO-OP Financial Services could not agree more. Every market study is arriving at the same finding – U.S. consumers are conducting financial transactions using their mobile phones. Even more importantly, younger adults – a prime target for new members – say that they can't imagine life without their mobile devices. Credit unions have a tremendous opportunity to attract and retain members with mobile services, and there is equal risk in not doing so. Caroline Willard, EVP, CO-OP Financial Services.

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