As credit unions evolve to serve their members’ changing financial needs, payments are increasingly taking a critical role in the center of the member relationship. Whereas in the past, “passive” offerings like checking accounts and event-based loans defined the primary financial relationship, today consumers are gravitating toward those providers that offer “active” solutions to their everyday financial needs, with payments at the top of the list.
However, credit unions face stiff competition in this area from big banks and newer Fintechs. With limited time and resources to invest, they need solutions that help them achieve scale across their entire growth strategy, supported by a back-office payment infrastructure that enables them to serve members efficiently, conveniently and accurately.
Scaling the Time-Value-Money Pyramid
The three drivers of a modern payments platform are time, value and money and represent not only the benefits or outcomes provided to members, but influence the strategy and implementation as well.
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