4 Digital Solutions For the Evolving Payment Landscape

By Preston Packer |

Mar

29

In a not-so-distant past, digital payments revolutionized commerce. Today, however, commerce is poised to revolutionize the way money is moved. From manual and paper-based, payments are speeding toward automation, paperless, cloud-based solutions to simplify the buying and selling process.

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Emerging Payment Trends Credit Unions Should Follow in 2022

By Preston Packer |

Mar

17

Traditionally, credit unions haven't been considered digital innovators. Instead, credit unions are notorious for delivering a personable, in-person, in-branch experience to sustain member loyalty and build trust.

Today, however, everything is different. As digital-only fintech firms and major banks pour money into technology to apply external pressure, it's imperative for credit unions to develop value propositions around innovation. While credit unions may not be first adopters or innovators (in the traditional sense), they are fast followers. Let's take a closer look at three top emerging payment trends credit unions should be following and paying close attention to.

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Innovative Credit Union Payment Trends to Watch in 2022 - Part 1

By Preston Packer |

Mar

01

The world of payments is on a fast-paced roller coaster to an all-digital destination. The already speeding locomotive received a jolt of energy via COVID-19, which further increased the demand for digital, online, contactless, frictionless, and speedier payments. While most generations show an interest in digital payments, it comes as no surprise that the largest push is being generated from the rear.

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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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Budgeting for Success with Digital Transformation

By Preston Packer |

Jan

18

Digital transformation is no longer a buzzword that all the cool financial institutions are using. Instead, COVID-19 has escalated it from a nice-to-have, wishful thinking strategy into a must-have for credit unions to remain competitive. At the very heart of any effective digital transformation is a metamorphosis that transforms how your credit union interacts with members. In the act of doing so, it should modernize and simplify processes while generating efficiencies and improving KPIs, such as the credit union's efficiency ratio. While COVID-19 has escalated the importance of digital transformation, it has also highlighted key problems credit unions face.

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The Value of New Technology in 2022 and Beyond

By Preston Packer |

Jan

12

The past 18 months have brought unexpected challenges to credit unions of all sizes. The severity of these challenges varies by credit union and some peer groups were more affected than others. Digital transformation became a real topic, instead of wishful thinking or “clickbait” for marketing companies. We quickly learned which credit unions were prepared for a digital transformation and those that were not.

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A Cashless Society: The Pros and Cons

By Preston Packer |

Aug

25

"Cash or credit?" Is that statement becoming a phrase of the past? New technology and tools that support cashless payment options such as tapping a smartphone, waving and paying with a card, or sending an online Peer-to-Peer payment have hastened this process along with changing societal norms and consumer preferences. It feels as though we truly are on our way towards a cashless society.

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Is a Cashless Society the Future of Payments?

By Preston Packer |

Aug

19

The first known form of currency--the Mesopotamian shekel--emerged nearly 5,000 years ago and cash has been used to purchase goods and services ever since. Until recently, it was a safe bet that cash would be around for the foreseeable future...that may not be the case anymore.

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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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