Andrew Downin is the innovation director at the Filene ResearchInstitute.

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608-661-3746 or [email protected]

Unless you’ve already gone into winter hibernation, it'simpossible to be unaware of the two newest influencers in thefast-changing mobile payments arena: Apple Pay and MerchantCustomer Exchange.

While most credit unions are wondering which direction the windsof mobile payments will blow based on these platforms, all thewhile keeping other systems including CU Wallet in mind, a largerquestion remains necessary for credit unions to consider. Whatexactly is your institution's mobile payments strategy?

Earlier this year, the Filene Research Institute published afree report titled Future of Payments: Credit Union Implications that highlightedresearch and observations from a colloquium on the topic.

The report noted that while there is still a tremendous amountof uncertainty about how shifting technologies will impactpayments, member loyalty, and profitability, credit unions shouldconsider a number of steps to chart a course of action.

Foremost is establishing a clear overall strategy for the mobilerevolution. What is your credit union's objective for consideringthis technology? Is it member acquisition, deeper engagement,revenue expansion? What is your institution's appetite for risk andwillingness to be among the first to dive into mobile payments?

Beyond strategic considerations, it is critical to understandyour members’ needs, behaviors, and desires to chart a digitalpayments path that will be attractive to your core segments. Onenovel idea is to consider identifying core member segments most intune with technology and invite them to participate in focus groupsto give you guidance.

No one knows where the shifting sands of mobile payments willtake us in the next few years, let alone next few months. But byasking and answering key strategic questions, your credit unionwill better prepared to maintain solid footing on the changingterrain.

The report is the latest in a series of exclusive content fromFilene available to CU Times readers. Check out theseother reports:

• Filene'sDigital Strategies
• Credit Union 2.0: An Opportunity to Build CollaborativePartnerships.
• Only Up: Regulatory Burden and Its Effects on CreditUnions
• Credit UnionImplications of Living Trusts
• Gen Y Personal Finances: A Crisis of Confidence andCapability
• Impacts ofMergers on Credit Union Costs: 1984 – 2009
• Channel Deliveryfor Tomorrow
• From Presence to Purpose: Developing Social Media Strategiesand Metrics for Credit Unions
• Improving Social and Environmental Sustainability: A Credit UnionAssessment and Comparison
• Mortgages and Credit Union Performance: 1980-2011
• Future of Payments: Credit Union Implications – A Colloquiumin Salt Lake City
• Asset-Liability Management: Theory, Practice, Implementation,and the Role of Judgment