PHOENIX — Despite competition from nonbank providers like Google Wallet and a growing consumer shift away from traditional checking accounts, credit unions are best positioned to provide what the consumer of the near future will demand. So said ProfitStars Director of Strategic Insight Lee Wetherington during his May 21 general...
PHOENIX – The future for financial services will be about better enabling financial behavior, ProfitStars strategist tells CFOs.
Consumers are increasingly tapping their smartphones and tablets to manage their money, a trend that may push personal financial management tools into the mainstream and open new opportunities for credit unions to help their members in real time.
Helping members manage their money with personal financial management tools is a win-win move for credit unions and members. Add a mobile alert feature that keeps members on top of their spending 24/7, and they may be even more likely to improve their habits.
These life stage-appropriate programs target their demographic with incentives, from treasure chest prizes to loan discounts to local merchant coupons.
California-based online bank platform provider partners with Utah-based personal financial management specialist.
In just a very few years, credit unions have become persuaded that they need to play in the technology arena. And a related reality is the spreading belief that “technology may allow smaller institutions to very successfully compete against much larger ones,” said Tony Rasmussen, a senior vice president at...
With increasing regulation, economic pitfalls, commoditization of financial services, and foreseeable competition from the likes of Google, Amazon, Apple, and cell phone service providers, CUSOs that continue to offer products and services in a traditional business model could become a liability to their credit union clients.
With approximately 70 million possible tablet users by year end and 4.6 billion smartphones being used worldwide, it’s safe to say credit union members are mobile.
The 24,800 members of the $544 million University of Hawaii Federal Credit Union now have a new website and online and mobile banking services.