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Catalyst Corporate forum examines future of money
PLANO, Texas (9/29/11)--An in-depth look at how the near-term economy will affect credit unions and the future of money are among the topics to be addressed at the Catalyst Corporate FCU’s 34th annual Economic Forum, Oct. 25-26 in Frisco, Texas. A trio of credit union-oriented economists will provide a forecast of economic conditions following the year-end national debt reduction efforts. Steve Rick, senior economist at the Credit Union National Association, and Tun Wai, chief economist at National Association of Federal Credit Unions, will join credit union economist Charles Idol during the two-day event. Credit union consultant and futurist Tim Lerew will also analyze technology trends that are changing the way consumers handle their money--and maybe even changing currency itself. Lerew will help credit unions peer over the horizon at new technologies that promise to transform how payments are made and processed. These technologies are critical to credit unions and other traditional banking institutions, because the payment franchise has long been the anchor that marries consumers to their primary financial institution, according to Lerew. “No one expected mobile banking to have the adoption rate that it is now experiencing. Tablets are the next frontier,” Lerew said. “What is your credit union’s role in the new world of electronic wallets, digital payments and changing consumer needs?” Credit unions have an opportunity to move to the front of the mobile payments curve--ahead of big banks, data aggregators such as Google, and cell phone carriers--with innovative product planning and packaging, Lerew said. “Credit unions have always been careful to offer fraud education and protection,” he said. “If credit unions could extend this to the mobile payments world, why wouldn’t your members continue a trusted relationship with you?”


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