For credit unions and banks vying to be the primary financial institution, understanding and delivering products and services based on consumers’ needs has always been a priority.
A First Data survey entitled “The New Consumer & Financial Behavior,” provided insight and tips for financial institutions looking to better serve today’s consumer and beyond.
Consumers still used their credit and debit cards in May, but more slowly than they have been.
Consumers were still shopping in April, though they were starting to look over their shoulders at rising gasoline prices, according to First Data's SpendTrend report.
Even as financial institutions and retailers continue their fight over who pays for the debit card network, consumers continued to show the love for cards in general last month.
Slowly but surely, mobile banking is living up to its hype as the next must-have thing that credit unions need to survive
Credit unions and other card issuers likely got most of their holiday spending boost early last year, according to card processor First Data.
First Data's initial statement on the Federal Reserve's proposed debit interchange rule did not mention establishing a debit interchange schedule for small debit card issuers.
The Durbin Amendment to the Dodd-Frank financial reform act will likely cut credit union debit card income in the short term but may also spur further innovations in the payments industry.
Gen Y wants to do the right thing, but credit unions must guide the way with clear signposts and a smoother path.