How to stay ‘Top of Wallet’ in the Apple Pay era

Manage fraud risk, look at e-delivery and know how to serve Millennials.

by: Fredda McDonald

Look back at 2014 for ideas on how to prepare for the new year to come: A year of high-profile data breaches kept security top of mind for consumers; the launch of Apple Pay and the looming 2015 EMV security-chip deadline defined payments; and both a digital payments revolution and a “Millennial shift” are well underway. Given these trends, how should credit unions prepare to stay competitive in 2015 and beyond?

The Year of the Breach
2014 started with the effects of Target’s high-profile data breach being felt in full force, rocking consumer confidence to the core. That was followed by the Home Depot breach and a dozen more widespread fraud and security issues that dominated the conversation for much of 2014. These events increased the pressure on credit unions to be at the top of their game; they demand CUs lead the way in security.

The good news is that credit unions are well-positioned to do so; they also recorded an all-time high in member satisfaction in 2014. More than ever before, it’s imperative that credit unions can play minute-by-minute defense for members, as well as adopt advancements like EMV and new, more secure mobile solutions. CUSOs like PSCU employ sophisticated fraud strategies that can help credit unions keep member trust strong.

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