DES MOINES, Iowa (9/24/12)--Best practices for integrating a person-to-person (P2P) payment solution at community financial institutions (FIs) are discussed in a new white paper published by The Members Group (TMG).
Brian Day, TMG Dwolla product leader, bases his recommendations on three crucial elements: member/customer experience, branding impact and ease of integration, said TMG, a card processing and payment solutions provider for credit unions and community-based FIs in the U.S.
The free paper is entitled "Three Areas of Focus for P2P Integration." In it, Day wrote, "When done right, P2P will attract new customers, possibly even from new market segments, opening up a world of potential for new and profitable cross-selling initiatives. In the future, as P2P volume increases, FIs may have a greater opportunity to realize revenue from the transfers."
P2P is a hot trend with consumers looking for fast, easy and innovative ways to move their money, said TMG. Credit unions and other FIs that get on board with the trend are in a natural position to build customer loyalty, increase visibility and increase opportunities with a younger generation of members.
However, they will need a defined strategy to satisfy consumer demand and to be successful with P2P products, Day said. He suggested the strategy include focusing on the P2P-fund recipient's experience with the product, understanding how the product's branding will affect or influence the FI's brand or reputation, and knowing how quickly and easily a product can be integrated into the institution's processes.
The explosion in emerging P2P applications, devices and solutions means FIs are challenged with an overwhelming set of unknowns in terms of selecting a provider, said TMG. By following the paper's best practices, FIs can develop a clear plan to help capitalize on P2P products, said Day.
To download the white paper, use the link.