“Mobile: Background and Implications for Credit Unions,” discusses key issues credit unions should consider when developing their mobile strategy, including must-have products needed to stay competitive and relevant, CSCU said, adding that the paper 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.”
The paper outlines how 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, the paper said, 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,” CSCU said. “Innovation will continue to push the industry forward and drive consumer preferences, giving credit unions an opportunity to better serve consumers’ financial services needs.”