“If payments are the path to growth; data is your roadmap,” Nish Modi (CO-OP SVP, Group Owner, Integrate Products) told credit union professionals at our recent THINK Virtual Power Lunch, entitled “A Whole New Way to Utilize Data.”
As member interactions become fewer and far between, due in part to the disaggregation of financial services as well as the acceleration of digital banking brought on by the COVD-19 pandemic, payments data has become one of the most valuable assets to a credit union. Analyzing and activating your payments data can not only drive interchange revenue and growth but also enable you to understand what your members need now and anticipate what they will need in the future.
For example, a look at CO-OP Credit and Debit portfolio spend through the first six months of COVID-19 reveals the rollercoaster financial impact many members have felt from the pandemic.
Overall spending volume declines, shifts from credit to debit back to credit, major spikes in essentials spending mixed with compression in popular categories like travel and entertainment – payments data reveal deeper insights about the lifestyles of members, which can be used to help support their financial wellness.
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