CU Technologists, Marketers Should Team up to Achieve Mobile Payments Strategy,
suggests CUNA Marketing & Business Development and Technology Councils
November 13, 2012
FOR IMMEDIATE RELEASE
Contact: Jennifer Jackson
CUNA Councils, 608-231-4102
Madison, WI - Together, credit union marketing, business development, and information technology departments can-and must-work together to determine how and when mobile payments will be appropriate for their membership, to position their credit union for present-day relevance and future gains in market share, says a new white paper from the CUNA Councils.
"Mobile's Moment: Payments Breakthrough Provides Opportunities for CUs" outlines main mobile payments players, examines credit unions' current approach to mobile payments, and provides technology and marketing strategies for making the transition to mobile payments.
Mobile payments range from recurring loan and utility payments, to point-of-sale and online purchases, to person-to-person transfers (individuals sending money to other individuals).
Some credit unions are introducing mobile payments to members or enhancing existing mobile services to include payments by working with vendors adapting their offerings to accomplish this. There's evidence of the wisdom of this strategy for many more credit unions during a year dominated by announcements of new mobile payments ventures by credit unions' competitors:
- Slightly over one-third of all U.S. adults now own a smart phone, the chief device for accessing such services, according to a Pew Internet & American Life Project survey.
- Consumers who use online financial services-including credit union members and potential members-now interact with their financial institutions via the digital branch more than any other way-about 10 times per month, according to a recent internal study by Intuit Financial Services, Woodland Hills, Calif., of its clients' online customers. When mobile access is added, users interact roughly 19 times per month. And, those using online banking, mobile banking and tablet banking access their accounts approximately 30 times per month.
In terms of market share and new market segments, the Federal Reserve says 80% of mobile banking users are under age 45 and minorities are disproportionately more likely to use mobile banking. Meantime, the average age of credit union members is 47-10 years higher than the U.S. median, according to the Credit Union National Association.
CUNA Council members are eligible to receive complimentary copies of this, and over 300 other white papers; non-Council members may purchase white papers for $50 per copy.
The paper is available online in the white paper sectionof www.cunacouncils.org.
Press may contact Jenny Jackson at firstname.lastname@example.org for a copy of the white paper.
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CUNA Marketing & Business Development and Technology CouncilsThe CUNA Marketing & Business Development Council and Technology Council are member-led partnerships of marketing & business development and technology professionals dedicated to providing education, leadership, networking support, professional development tools, and expertise to its members in order to shape the enhancement of the role and diversity of operations in the credit union industry. The CUNA Marketing & Business Development Council and Technology Council are two of the six organizations that make up the CUNA Councils, a network of more than 5,500 credit union professionals. For more information, visit www.cunamarketingcouncil.org, www.cunatechnologycouncil.org, or www.cunacouncils.org.