TAMPA, Fla. (December 14, 2012) – With smartphones making up nearly half of all handsets in the U.S., credit unions have an opportunity to play a critical role in the development of mobile payments, and the rapidly evolving market will necessitate flexibility when assessing how to approach mobile as a way to protect and grow the member base.
“Mobile: Background and Implications for Credit Unions,” co-authored by Card Services for Credit Unions (CSCU) and First Annapolis Consulting, discusses key issues credit unions should consider when developing their mobile strategy, including must-have products needed to stay competitive and relevant. It also outlines various potential scenarios that may emerge in the mobile payments market.
“The proliferation of mobile devices is altering how consumers shop, buy and manage their money,” said Robert Hackney, president of CSCU. “Mobile presents opportunities for credit unions to expand their reach, deepen relationships and evolve with their members’ changing needs.”
Credit unions must remain flexible in their approach to mobile development and be able to adapt with market changes. Credit unions should focus initially on building member adoption of mobile banking and look for opportunities to deploy more advanced capabilities and payment solutions based on the unique needs of the member base and the evolution of the market.
While the dynamic nature of the mobile arena makes it difficult for long-term planning, it’s important to understand that we are only at the beginning of the mobile evolution. Innovation will continue to push the industry forward and drive consumer preferences, giving credit unions an opportunity to better serve consumers’ financial services needs.
Credit Unions can download CSCU’s white paper at www.cscu.net/whitepaper.
CSCU is the credit union industry’s advocate, partner and leader in total payment solutions. Created by and for credit unions, we are driven by the same principles that guide the industry. We work exclusively with credit unions to provide a customized, holistic offering that maximizes value for both credit unions and their members. CSCU’s services and offerings are focused on driving the growth and success of our nearly 3,000 member credit unions.