Payments: A fast follower’s dilemma
How can we lead if no one goes first?
In a June article I advocated for credit unions to take a “fast follower” approach to payments innovation.
I suggested that most credit unions don’t need to be on technology’s bleeding edge, and should instead monitor the market and be prepared with a plan for prompt action when a new solution shows signs of traction.
While I continue to endorse this position overall, dialogue at the recent Bank Customer Experience (BCX) Summit reminded me of its limitations.
I find the best value of industry conferences often comes from my own brainstorming while absorbing the random nuggets of various presentations. BCX clearly delivered in that regard and, despite its name, I saw several credit union colleagues in attendance as well.
BCX’s opening panel addressed the challenge of balancing simplicity and security in electronic transactions. The perspectives of Bud Yanak, head of product for Fujitsu’s biometric identity arm Frontech, were particularly interesting.
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