A new report from the Center for Financial Services Innovation suggests that products and services marketed to unbanked and underbanked consumers could represent a huge and growing market for the nation’s credit unions.
Just like the 14,000 member credit unions it supports, the World Council of Credit Unions in Madison, Wis., must intermittently reevaluate its structure and programs in order to best meet the needs of those it serves.
By leveraging the key drivers of consumer adoption, credit unions can realize a faster rate of adoption that will establish mobile banking as the norm.
Under a new leader, the World Council pursues new priorities. Get the story in this preview from next week's print edition.
Credit union members are increasingly demanding more online interaction from their institutions. The request is forcing credit unions to adjust websites and self-service portals to accommodate members.
A new partnership between the World Council of Credit Unions and Boom Financial, a Palo Alto, Calif.-based company that provides mobile banking and money transfer services to immigrant and unbanked families, could pump new life into credit unions in developing countries.
The greater the challenge the more fun Bill Clancy, vice president of retail strategy at Lake Michigan Credit Union, has trying to figure out a solution.
Deal with Boom Financial will help World Council expand mobile banking, transfer services to immigrant and unbanked families.
Using two separate platforms for online banking and electronic bill pay services led to unnecessary hassles for the $1.3 billion American Eagle Federal Credit Union.
The Pew Research Center’s Internet & American Life Project cited unwanted sales texts (and calls) and slow download speeds as among the most prevalent problems that mobile phone users face.