MADISON, Wis. (1/3/14)--For credit unions, the biggest drivers of technology trends are not tech giants such as Apple and Google, but credit union members. Consumer acceptance--or better put, demand--has driven the almost ubiquitous presence of smartphones, tablets and their accompanying applications.
In financial services, consumers have driven the growth of mobile banking and virtual, anywhere, anytime service. For credit unions, that trend will continue in 2014, with technology and financial providers trying to meet consumer demands for convenience, mobility and customization.
A few of the technology trends that will shape the technological landscape in 2014 include:
Some credit unions have already begun rethinking their branches through technology. Vantage West CU recently opened a tellerless branch in Tucson, Ariz. The branch is largely driven by deposit-automation Opteva ATMs from Diebold Inc. In one of its branches, Coastal CU in Raleigh, N.C., has implemented personal teller machines (PTMs), a video-based technology that does everything a traditional teller would do--dispense cash, create images of checks and answer questions (News Now July 3).
Now Fiore and his partners are betting that credit union members will reach for a credit union-branded digital wallet rather than one with one from Google or another big tech provider. The startup has already signed 39 credit unions representing 4.64 billion members and 54 billion in assets. As CUWallet begins to create scale it will focus on signing more merchants, Fiore said. "Credit unions are betting on themselves," Fiore said. "We will soon see the day when we represent 10 million members."