Frictionless Payments in a Friction Filled World

By Preston Packer |

Apr

14

From blisters to brake squealing, unless you're trying to start a fire, friction is rarely a good thing. Friction, as a force, works directly against motion. This type of interaction is becoming a very popular reference when it comes to user experience, or how consumers interact with your products and services. People are busy, people are on the move, and anything that slows them down runs the risk of being abandoned and a better solution being sought. The same can be said for payments. If your members feel that they have to take more steps than necessary to transact with your credit union, then they will look for financial solutions elsewhere. So, how can you reduce friction for your members?

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Don't be Clueless: Strategic Moves to Reclaim the Payment Experience

By Preston Packer |

Mar

19

As if! Compare how members make payments today to how they made payments 25 years ago. In the 1990's, bills were paid primarily through snail mail by check, or perhaps paid in person with cash at a designated payment location. Many people still received traditional paychecks, and it was not uncommon to be stuck behind someone paying for groceries with a paper check. A stolen credit card could be as detrimental to your cash reserves as misplacing a highly valued beanie baby. Whatever! How times have changed.

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Will Zelle Win the Hearts of Credit Unions?

By Preston Packer |

Dec

20

For the past several years, the financial industry has claimed the P2P market was finally going to take off. While P2P payments have certainly continued to grow in popularity, they have not reached the heights that FIs anticipated. However, in the past year, P2P platforms have experienced immense growth, especially among big banks. Zelle launched back in September of 2017 and in 2018 they have made tremendous strides with larger FIs. Zelle is already working with 51 big banks and 200 more are under contract to launch in the coming months. However, with larger FIs under their belt, Zelle is also looking to win the hearts small and mid-sized credit unions.

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Is Zelle on Track to Dominate the P2P Market?

By Preston Packer |

Sep

06

P2P payments are no longer an everyday essential reserved just for millennials. There has been immense growth in the P2P marketplace in terms of the volume transferred, as well as the number of users on these platforms. Paypal’s Venmo was the first P2P app to gain popularity, but now faces competition as many other services have started popping up. Zelle, launched just one year ago, to the surprise of many, overtook the P2P market quickly with their real-time payment service. In 2017 Zelle processed $75 billion, whereas Venmo came in at less than half of that with $35 billion in transactions. Considering Venmo revolutionized P2P payments, what is it that Zelle has done to gain such a following?

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Are P2P Payments Slowly Overtaking the Financial Services World?

By Preston Packer |

Jul

03

In a bid to further their already extensive reach to young users, Venmo announced last week that they will be offering a debit card to their users. PayPal-owned Venmo is one of the most popular peer-to-peer payment service apps, and as the P2P market heats up, this is clearly an effort to take the lead that others will likely follow. Feeling pressure from Zelle, a network comprised of a consortium of some of the largest banks in the United States, who launched an app allowing their customers to send money to each other instantly via smartphones last year. Venmo is taking advantage of their speed to market to gain more users, but what does this mean to your credit union?

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