From member service to digital solutions, credit unions have spent the last year adapting to the new reality of living through a pandemic. And now, almost halfway through 2021, it’s becoming clearer which pandemic-related changes are probably here to stay.
Consumer payment trends fall into that category. The impact of the coronavirus (COVID-19) prompted significant behavioral changes to how, when, and where consumers pay for goods. Credit unions must understand those changes and respond to them with adaptability and flexibility to compete with other financial institutions in the market.
This episode of the CUNA News Podcast features Myron Schwarcz, executive vice president and payments consultant at Strategic Resource Management.
Schwarcz identifies major 2021 payment trends and provides a thorough overview of the factors that drive them, including currencies, large issuers, and the regulatory landscape. He also shares detailed guidance for navigating these new payment trends and previews nascent trends to expect for the rest of 2021 and beyond.
You can listen to the CUNA News Podcast in Apple’s iTunes Store, Google Podcasts, Spotify, and Stitcher Radio.
In this episode:
2:21: Changes to consumer payment behaviors
3:48: Adapting to the pandemic environment
5:31: Long-term implications of the pandemic
8:55: Large issuer and regulator trends
12:13: Payment channels and currencies
14:20: Installment payments and faster payments
16:26: The importance of adaptability and flexibility
18:29: Analyzing trends and taking action
20:06: Understand your objectives