Scenes from the CUNA Payments Roundtable
Don’t lose sight of the basics in today’s fast-changing world.
Caroline Willard, executive vice president of markets and strategy for CO-OP Financial Services, discussed the company’s mobile banking and digital wallet initiatives Monday at CUNA’s Payments Roundtable Monday in Las Vegas.
CO-OP partnered with PayNet to create Sprig® by CO-OP, a virtual wallet that features in-network people-to-people payments, remote deposit capture, account aggregation, transfers, and statements.
“To promote mobile banking adoption by consumers, you’ll have to offer rewards and a seamless user experience,” she says.
“Telecommunications companies and retail giants are jumping into financial services because they have massive amounts of consumer data,” says Karlo Rodriguez, data management consultant. “That data will make them formidable competitors.”
“There is a lot of news—and a lot of noise—surrounding payments right now,” says Karen Webster, CEO of Market Platform Dynamics.
“Amidst all this noise, don't lose sight of the basics,” she advises. “Your No. 1 job is making sure your product is the one your members love.”
That creates loyalty, Webster says, and loyalty will help your credit union survive any disruptive innovations in payments.
“There are 107 different digital wallets on the market today,” John Ainsworth, group head of U.S. markets for MasterCard, said Monday. “Your job is to find the one that makes the most sense for your credit union and its members.
“By 2015, your credit union needs a strategy for greatly increasing member loyalty. By 2020, your credit union needs to be relevant to its members in a drastically different payments world.”
“The 54 credit unions that have joined CU Wallet sense that it's time to take action on mobile payments so they’re not left behind,” Paul Fiore, CEO of CU Wallet, said Monday.
“Credit unions want to make sure they’re not left on the low end of mobile payments, which is just posting transactions. They want to make sure they own the digital wallet, which will be the hub of mobile payments activity.”
“There is high interest in mobile payments right now, but low activity,” says Jason Oxman, CEO of Electronics Transactions Association.