FedNOW… in 2023? The Allure of Instant Payments
The Federal Reserve stirred the pot in 2018 when it requested comments on its offering a real-time payments network, since branded as FedNOW. Credit unions and community banks encouraged the Fed’s entry into the real-time market as a way to ensure widespread access to this important new capability.
Ten Years of Transformation Crammed into Three Months
In the big picture, it’s not as if any of this was a surprise. We’ve known for ages that digital channels were the future of banking, and that credit unions- especially smaller ones- needed to upgrade their tech platforms or risk being left behind.
Is Voice the New Mobile- and the Ultimate Touchless?
It was only a few years ago that I recall BIG’s Resident Visonary John Best counseling credit union leaders regarding their digital strategies, “If you don’t build out your mobile platform, you might as well not bother with digital.” It was a controversial statement at the time, but it’s now conventional wisdom. The hand-held device has become the go-to channel for members across a wide array of demographics, surpassing the desktop for engagement volume.
It’s Time for the Accelerator- NOT the Brake!
It’s entirely understandable for credit union leaders to feel overwhelmed these days. Consider the list of challenges they’ve had to overcome in real time, with little to no advance warning:
Killer FinTech on Display at AXFI
One of the most popular sessions of the AXFI conference- the annual data analytics forum that wrapped up last week in Minneapolis- is the Killer FinTech Speed Rounds. In a single action-packed hour, six standout fintech companies with solutions designed to empower credit unions’ analytics journeys present their models to a packed room of financial leaders