How credit unions should reopen physical locations after the pandemic is part of a larger question, says Larry Pruss, SVP of CUESolutions Bronze provider Strategic Resource Management Inc., Memphis. That question is: “How have members changed how they use financial products and services?”
He shares observations for credit unions to consider as they rebalance their branch networks with other delivery channels in these times:
Contactless payments. Members are making greater use of contactless card transactions, ones that don’t require touching a card reader or PIN pad—or even a card—besides being quicker and more convenient. Data show that 41% of U.S. consumers used contactless payments for the first time during the pandemic, he reports. In addition, 35% added a card to a digital wallet, according to Pew Research Center, in a study sponsored by Fiserv, Brookfield, Wisconsin, and The Financial Brand. Digital wallets, after a slow start, took off during the pandemic. Credit unions need to position themselves to cash in on contactless payments, he advises.
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