Trying to provide your members with a full-blown mobile wallet is a nerve-wracking proposition. Which technology will merchants embrace? Will the iPhone 6 include NFC? When will members be able to leave their actual wallets at home?
Instead of rushing down this uncertain path, maybe it’s time to ask a different question: Do your members want a mobile wallet in the first place?
This question may seem counter-intuitive. How can it be that our mobile-obsessed members won’t prefer a mobile wallet? How is it possible that they aren’t waiting right now – ready to defect to the first financial institution that offers them the mobile wallet of their dreams?
Short answer: The real mobile wallet of your members’ dreams is still years away from reality. Meanwhile, members do want several things from you, their financial institution of choice.
Get in now. You can participate in many existing mobile wallets simply by incentivizing your members to use your cards to make wallet transactions. CO-OP’s own Ryan Zilker recently wrote a great opinion piece on this topic for Credit Union Times.
