Canadian Snowbirds Target Group for Money Transfer Tool
Year-round residents in Florida and some other warm weather destinations have mixed emotions when snowbirds, including many Canadians, return.
On the one hand, traffic increases and lines in stores are longer. At the same time, the money those snowbirds spend is very welcome, especially since the part-timers don’t require schools and some other services.
But, unless you have a highly localized payment offering, it’s tough to launch an innovation, she said. When it comes to new technology, credit unions have learned economy of scale is difficult to achieve, Shields explained. So on a product basis, credit unions are often content to be followers rather than leaders. They’re concerned that if they get too far ahead they may become bleeders not leaders.
“Trying to be an island in payments doesn’t really make a lot of sense,” Shields said. “Credit unions add value for their members in things like mobile alerts, text alerts or local text banking. I’ve seen things like that really work.”