Mobile, P2P and New Competitors: Navigating the Transformation of Payments
The growth of digital channels – from mobile banking and P2P networks to mobile deposit – is transforming the payments industry. Financial institutions with large IT budgets and vast geographical reach are rolling out new capabilities and services to attract consumers, while new, non-banking competitors are aggressively offering alternative payment methods.
These competitors are positioned to circumvent the relationship members have with their credit unions by fragmenting their payments behaviors.
A Matter of Trust
Credit unions do have one important advantage in this mobile battleground. Research shows that consumers prefer using their financial institution for nearly all payments activities.