Riding the digital wave of change
Financial services have evolved dramatically over the last decade. The domain of traditional financial institutions has been disrupted by digital banks, embedded finance players, and a host of other fintechs that focus on specific areas, where they can provide value to users. All are finding ways to better serve consumers, including your members, partly driven by technology that provides tremendous flexibility and speed. Simply put, competition in financial services has never been greater.
In order to grow membership and remain relevant in the digital age, credit unions must be able to act quickly on three critically important strategic initiatives:
Provide your members with a digital-first payments experience: Member and broader consumer expectations continue to evolve around payments, so it is critical to provide—at a minimum—a digital offering that includes instant digital issuance, support for mobile wallets, push provisioning of cardholder credentials into various wallets and Click to Pay. This should be a primary strategy for ensuring your card achieves top of wallet status.
Open new avenues for members to move money, pay and be paid: Enable members to use their debit cards to make loan repayments and provide cross border solutions so that your members can move money into different currencies when traveling abroad and paying with their debit or credit card.
Develop strategic partnerships to create a best-in-class user experience: Partnering with organizations that can provide data-driven insights into your credit union’s card portfolio(s)—including how and whom to target for launching/growing a small business program or identifying key merchant verticals for top-of-wallet spending among members—can help to support an overall top-of-wallet strategy.
By embracing digital innovation, offering flexible and convenient solutions, and partnering with trusted providers, credit unions can enhance their value proposition and deepen their relationship with their members.
As a leader in the payments industry, we are committed to supporting credit unions in their journey to deliver a seamless and secure payments experience for their members.
Contact us to learn more about how your credit union can develop solutions for addressing some of the key trends and challenges being faced in the payments landscape today.
