Increased efficiency, security, and speed. These are the primary benefits credit unions could realize by developing a network based on blockchain. Rich Meade, CUNA chief operating officer, presented the possibilities for credit unions at America’s Credit Union Conference Wednesday.
Credit unions are the original financial services disrupters. And they are the original cooperative cooperators. Those two essential traits of their DNA make them the perfect business model to shake up financial services again by moving squarely into the innovative blockchain or "shared ledger" model of transactions.
Apple Pay, which entered the market with high expectations, marks its one-year anniversary this month. However, the mobile payments system has yet to gain traction with consumers, accounting for only 1% of all retail transactions in the U.S., according to researcher Aite Group.
Following recent announcements from Samsung and Google regarding the rollout of their digital payment solutions, financial institution clients of The Members Group are preparing their strategies to make the solutions available to consumers.
A recent report from mobile and Internet banking firm Malauzai Software has uncovered a number of trends in the mobile banking space, including the fact that mobile check deposit usage continues to flourish.