Global payments include a wide range of channels with lightning-speed innovation, primarily coming from outside the banking world. Credit unions, however, must accommodate cardholders demanding convenience, security, and rapid-fire results. Yet, legacy systems are holding financial institutions back, as well as North American consumers’ lagging adoption rate. Financial institutions have the opportunity and obstacle of meeting cardholder expectations today and tomorrow.
Multiple trends are driving the market today. As more users become technologically savvy and demand more online experiences, five trends emerge that financial institutions should keep an eye on to better adapt.
1. New Technologies Are Taking Hold
Blockchain, Internet of Things, and virtual assistants have drawn great fanfare over the last few years, but they still have a long way to go before they hit mainstream. In the not-too-distant future, fully connected IoT urban landscapes or smart cities could become a reality, and integration into these landscapes can provide greater value to cardholders. Collaborating – as credit unions do best! – with fintech innovators will help you better compete with the likes of tech titans such as Google, Apple, and Amazon. Assert your credit union’s position in the consumer value chain.
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