Press
TMG CEO challenges financial industry leaders to ‘reimagine banking’
DES MOINES, IA (March 12, 2015) — In a white paper written for financial institution leaders, Shazia Manus, CEO of payment processor TMG (The Members Group), says today’s “Age of the Consumer” calls for credit unions and community banks to be agile.
According to the Federal Reserve, 40 percent of community financial institutions have no plans to roll out new products or services in the next three years. “Bolstered by years of success, the repeat business of loyal customers and a somewhat stagnant regulatory environment, financial institutions have long resisted any change to their collective state of motion,” writes Manus.
In the paper, the former credit union CEO who started the first of several businesses at the age of 17, takes a closer look at innovation – the force she views as capable of breaking financial institutions’ “dangerous inertia” brought on by their years of success.
“Innovation is the key to our evolutionary quest for financial market relevance,” writes Manus. “Too many leaders, however, struggle to adequately harness this force.” To inspire financial institution teams to think in new ways, she looks both in and outside the financial industry for ways to better leverage innovative strategies within credit unions and community banks.
The paper looks in-depth at:
- The role of innovation in helping credit unions and community banks thrive in today’s “survival of the fittest” business climate
- Who is disrupting the financial services ecosystem, including the bottom billion, uber-wealthy activators and do-it-yourself engineers
- Drawing insight, inspiration and innovation from other industries like entertainment, automotive, photography and retail
- How the “exploit and explore” business philosophy allows leaders to better link innovative endeavors with the strategic business plan
To download the white paper “Reimagined Banking in the Age of the Consumer,” visit themembersgroup.com/innovation.
About TMG
TMG (The Members Group) is dedicated to creating customized, technology-driven card processing and payment solutions for credit unions and community-based financial institutions across North America. Innovations in fraud management, loyalty programs, alternative payment systems and analytic reporting, and the competitive advantages they create, have helped TMG forge a new standard in offering cutting-edge credit, debit, ATM, prepaid card products and a P2P payment solution. For more information, visit www.themembersgroup.com or twitter.com/tmg.