Fintech is coming hard after payments and just about every other primary banking function, pitting credit unions and other financial institutions against a growing list of well-funded startups. The technologies those startups are building are transforming how credit unions compete, so CU Times asked a few experts what payments products, services and processes they thought credit unions must have today to stay relevant. Here's what they said.
1. A mobile wallet. “I think mobile wallet is absolutely going to be essential,” Chuck Fagan, president/CEO of the St. Petersburg, Fla.-based CUSO PSCU, said.
The high level of trust consumers have in credit unions creates a big opportunity today given the exploding but disjointed nature of the mobile wallet sector right now, he said.
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