Part 2: Your Complete Guide to Innovative Digital Payment Options

By Preston Packer |

Apr

27

Welcome to Part 2 of our Complete Guide to Innovative Digital Payment Options. In Part 1, we provided a brief overview of the advanced technology that underpins digital payments and explained why they are increasingly crucial for credit unions. As we mentioned earlier, comprehending the fundamental aspects of this technology and its workings is essential to seamlessly integrate it into your credit union, thus benefiting both members and the institution.

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Digital Wallets: A Convenient Solution for Credit Unions

By Preston Packer |

Apr

18

If you've ever opened the built-in "Wallet" app on your iPhone, you're no doubt at least passingly familiar with how convenient digital wallets can be. With a few taps of your finger, digital representations of all of your credit and debit cards are available and can be instantly used to make contactless purchases and other digital payments.

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The Ins and Outs of Digital Payment Methods: What You Need to Know

By Preston Packer |

Apr

11

As recently as a decade ago, the idea that we were headed towards a "cashless society" seemed laughable. Now, with more and more people making purchases online and with options such as contactless payments becoming the "new norm" for in-person experiences, we may be a lot closer to a cashless society than we think.

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Enabling Credit Union Growth Through Efficiency

By Preston Packer |

Feb

07

The past two years have seen strong credit union industry growth, which has been attributed to pent-up demand, in what has been called a rebounding economy. NCUA reported loan growth of 14.7 percent, membership growth of 8.1 percent, and net worth increasing at 13.9 percent in Q1 2021. This was met by digital transformation initiatives across many credit unions in an effort to meet member expectations in a transitioning consumer economy. Changes in card technologies, enhancements to digital wallet capabilities, and an evolving payments landscape have driven focus and investment over this time and heading into 2023.

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Propel Your Credit Union Forward With a Digital Transformation

By Preston Packer |

Oct

19

For credit unions, undergoing a digital transformation to offer better and more personalized services to members is no longer a recommendation. It is a requirement.

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Fast Forward the Digital Transformation of Your Credit Union

By Preston Packer |

Oct

11

Because of the fast-paced digital world that we're all living in, many credit unions can find it difficult to keep up with ever-changing member expectations.

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Bring On-the-Go, Modern Technology to Your Credit Union Members

By Preston Packer |

Oct

05

If you had to make a list of some of the most invaluable assets that credit unions have, loyalty is undoubtedly right at the top.

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Innovative Credit Union Payment Trends to Watch in 2022 - Part 2

By Preston Packer |

Mar

03

The financial world has already seen and will continue to see more competition in 2022, especially in regard to payments. Between the influx in buy now, pay later (BNPL) payments, and consumers' desire for faster, easier transactions, it's safe to say that rivalry is at an all-time high.

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Create a Better Member Experience: Open Banking APIs

By Preston Packer |

Feb

09

Whether it's a credit union, community bank, or national bank, open banking has transformed how people perform financial transactions. Highlighted by innovative and integrated apps, open banking is made possible through application programming interfaces (APIs). In the most simple sense, an API is a software intermediary that allows two different applications—such as your credit union core processing system and a third-party app—to seamlessly communicate.

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Why Open Banking APIs Are Essential For Credit Unions

By Preston Packer |

Feb

04

Though face-to-face interactions have always been more personal, credit union members today are leaning more towards digital interactions. Whether it's due to the pandemic or advances in technology, there is no one clear-cut cause. But it's the reality credit unions need to face and accept. For example, a recent study showed that between December 2020 and May 2021, 95% of Gen Z used mobile banking. And according to the Credit Union Journal, "70% of likely bank account applicants would prefer to submit a digital application." So whatever type of banking a credit union member is interested in, it's important for them to be able to conduct their business online if they so desire. Application programming interfaces (APIs) can help make that possible.

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