NACHA's PAYMENTS 2012 conference at the Baltimore ConventionCenter included sessions on emerging and well-established trendsand practices across the spectrum of electronic payments.Credit Union Times' Robert McGarvey was there covering itand here is a quick look at some of what the experts shared withattendees during the April 29-May 2 conference.
|A Bumpy Technology Road Ahead for Credit Unions
|While credit unions have a dramatic lead over banks in customersatisfaction, one leading researcher says, they lag sharply inrolling out cutting edge technologies such as mobile banking,remote deposit capture and person-to-person payments. And that willhurt.
||Fiserv executive Gary Brand explains how the ease of use ofmobile deposit apps on smartphones coupled with the ubiquity ofthose devices suddenly means that the ability to make remote mobilecapture deposits is in just about every hand. And consumers wantit: 43% of people will switch financial institutions to get mobileRDC.
|Tech CU, PayPal, NCR Partner on P2P ATM
|PayPal, NCR and $1.7 billion Technology Credit Union jointlyannounced a software upgrade to ATMs that will allow users, withjust a few clicks on the screen, to use PayPal to send money tojust about any U.S. mobile phone number.
||While mobile wallets are producing more buzz than transactions,panelists at this session agreed that's about to change. “We willsee more changes in payments in the next five years than we saw inthe prior 25,” predicted Chris Cox, a vice president with FirstData.
|Mobile is Redefining the Banking Relationship
|Mobile is much more than just a new channel. It's remaking theconsumer's relationship with his/her financial institution. Onepoint to consider: mobile banking customers may actually have muchmore contact with their institution, perhaps logging in severaltimes daily as opposed to stopping into a branch once weekly.
|Person-to-Person Payments Still Stalled
|An improved user experience – eliminating steps and time – isneeded before person-to-person payments gain the kind of adoptionthat many expected to already be in place.
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