Be Ready For The Next Thing
Encourage members to use CU cards in digital wallets.
EMV’s return on investment doesn’t look “robust,” says CO-OP Financial Services CEO Stan Hollen, but credit unions can’t just skip to the next technology.
“There’s a case to be made for, ‘Well, it’s about time we got EMV, but shouldn’t we just leapfrog to the next thing—maybe smartphones?’ Consumers just aren’t ready for that. Merchants aren’t ready either,” Hollen says.
While tackling an EMV transition, Hollen says credit unions do need to be thinking about offering digital wallets—which he notes are not much different from traditional wallets.
But keep in mind that members will decide which wallet they want to use—and credit unions should work to make sure members put their credit union card at the top of their wallet.
“That keeps the credit union relationship strong and it preserves interchange income, which is very important,” Hollen adds.