5 Mobile Trends to Watch in 2014
Nowhere in credit unions is change coming more fiercely, furiously and fast than in mobile banking, something that just five years ago seemed futuristic, the stuff of sci fi but which today has emerged as a must have and perhaps also as a way for small-footprint credit unions to compete with the biggest banks.
A regional credit union cannot have hundreds of branches – but with smartphone-carrying members there is a branch in every pocket, and that is the game-changing magic of the technology.
5. The biggest channel
4. Say Cheese: The Camera Has It
3. What's In Your Digital Wallet?
This just may be the year when your credit union needs to decide its digital wallet strategy. That is the prediction from Paul Fiore, founder of CU Wallet, who said, “2014 will be the year of the digital wallet for financial institutions. For consumers, it will be 2015.”
2. Biometrics Matter
Will 2014 finally be the year when biometrics as a tool for positively identifying a member catches on? More experts are saying that is exactly what will happen, and they point to Apple's Touch ID fingerprint reader as a tipping point. Because it is Apple, “People think it is cool, not an annoyance,” said Jay McLaughlin, chief security officer at Q2, the Austin, Texas, financial technology firm.
1. Non-Banks Rising
Amid the good news driven by mobile banking, there is a worry on the horizon: The rise of the digital only and non-bank. From GoBank to Bluebird new banking competitors are emerging and, said FIS’ Brown, their future looks rosy. “Digital only banks will grow faster than traditional financial institutions. They clearly have a value proposition that resonates with a profitable customer base, with multiple customer relationships.”