WASHINGTON (5/7/13)--Mobile technology is here to stay and all evidence points to it having an increasing role in the payments ecosystem. Being at the center of members' payments is essential to the credit union's sustainability, relevance and competitiveness, reports a white paper commissioned by the Credit Union National Association's Community Credit Union Committee.
"The Future of Payment Systems for Credit Unions" was prepared by George A. Hofheimer, chief research and innovation officer at Filene Research Institute. (To access the full report use the link.) It outlines 12 trends in payments systems and offers tips for credit unions related to payments. They include:
To prepare, understand early (and sometimes weak) warning signs for disruptive innovation. Credit union strategists can: