Regulations, fraud, security, and the need for digital engagement will shape the financial services landscape in 2016, according to a panel of credit union technologists, payments providers, and mortgage experts.
Here’s what five providers believe will be the “next big thing” in 2016.
Focus on Regulations, Fraud, and Security
I think credit unions are going to need to keep a continued focus on regulations, fraud, and security.
When new payment channels develop, it does not take long for fraudsters to come up with ways to leverage these new channels for less than virtuous purposes.
Regulations are sure to follow once there has been some time for the industry to digest these events.
Although often burdensome, there has been so much movement in the payment space that we are sure to see an influx of regulatory activities intended to shore up the anti-fraud and security aspects of the new technology offerings.
AMANDA SMITH is strategic product architect for CO-OP Financial Services.
• This is the first of a three-part series. Check back Jan. 15 for part two of this series, and Jan. 22 for part three.