Most credit unions recognize the growing role and incredible benefits of technology in the financial industry. Some have been fast adopters, but many more have found it challenging, especially as rising costs for software and third-party services squeeze IT budgets. If credit unions are going to survive in a mobile and app-driven world, though, they’ll need to adapt or face falling behind.
Digital payments are not new. PayPal came to life in 1998 as a money transferring platform. By the year 2000, people were using it to make payments on eBay. Early in 2002, PayPal went public and by August of that year, eBay announced it was acquiring the payment platform in a deal valued at $1.5 billion. At the time, experts called PayPal the “gorilla” of the online payment market, much as eBay was the gorilla in the online auction market.
First impressions count, no matter how much you want to believe otherwise. This is true regardless whether you’re talking about huge corporate endeavors or community-level organizations. When your credit union (CU) customers want help accessing your products and services, the frontline staff need to be well-versed ambassadors for your brand who are ready and capable of providing it. Here are our reasons for this:
Channel optimization. Data management. Compliance and regulation. Cybersecurity. Aggregation services. For credit unions (CUs), keeping up with technology in all areas of business can be a significant challenge. Your CU stands to lose with a ‘Johnny-come-lately’ approach to innovation, however, so staying abreast is important to remain relevant in the competitive financial services industry.
Here are some trends you can expect to see more of in the next 12 months, and ways to keep up with technology regardless of the size of your credit union.