Credit unions can continue to capitalize on advances in payments technology, Mark Sievewright, president, credit union solutions, at Fiserv, told the New Jersey Credit Union League's first Executive Leadership Session of the year. (Photo provided by the New Jersey Credit Union League)
HIGHTSTOWN, N.J. (3/14/13)--Statistics indicate that technology is a loyalty builder, and while credit unions have done a good overall job embracing that concept, there is room for improvement, a Fiserv executive told the New Jersey Credit Union League's first Executive Leadership Session of the year.
Although financial institutions have not been on the cutting edge of payments innovations, credit unions are doing a decent job with mobile banking and online banking, said Mark Sievewright, president, credit union solutions, at Fiserv (The Daily Exchange March 13).
With the increasing availability of technology, financial institution interactions with members are not decreasing as one may expect, but rather increasing--although some face-to-face communications will be replaced technologically, Sievewright explained.
The adoption of technology is uneven, with some credit unions describing the use of smartphones to deposit checks as "yesterday," while others view it is as ground-breaking, Sievewright said.
Credit unions can parlay technology into revenue by charging for services such as on online transactions and by using information provided by members for cross-selling and making referrals, he said.