WESTBROOK, Maine (3/30/15)--Synergent recently held the inaugural meeting of its payment systems transformation task force and addressed EMV, Apple Pay, big data and data breaches.
Madeline Aufseeser, senior analyst for Aite Group, addresses the first meeting of the Synergent and Maine Credit Union League payment systems transformation task force at the CU Service Center. (Maine Credit Union League)
The task force, initiated by Synergent and the Maine Credit Union League, consists of a dozen credit union representatives with payments system experience or senior executives with a strong understanding of payments.
"Today, credit unions have many competitive advantages; they have been recognized for their strong adoption of mobile services," said John Murphy, league president and president of Synergent. "Think about how mobile technology is changing the way members conduct their finances. This task force is one way that Synergent will continue to make sure credit unions are well-positioned for the future."
Aite Group Senior Analyst Madeline Aufseeser presented the challenges and opportunities of the evolving payments environment.
"Yes, we will have some regulatory challenges," Aufseeser said. "However, the opportunities are being built around creating revenue for credit unions, competing in the marketplace and bringing added value to members."
She advised credit unions mine their data to analyze payments behaviors and segment members. "Your credit union will want to increase debit card usage and build relationships for more loyal members," Aufseeser said.
"Rewarding members for using your credit union's card is going to get bigger, and your card will need to be top in the mobile wallet. Keeping your card relevant to your members is important."
Tim Verreault, senior vice president at Evergreen CU, Portland, Maine, said task force discussions will help credit unions determine the right product offerings to members, even as they face the challenges of resource availability and revenue growth.
Rebekah Higgins, Synergent vice president of payment services, presented how Synergent is prepared to help credit unions launch EMV-and-chip technology, tokenization and Apple Pay.
"Payments covers such a wide range of issues and services and is such a significant part of credit union operations. This task force will help to provide leadership in navigating all of the changes happening at a rapid pace," added Murphy.
Synergent is a credit union service organization that provides technology services, check and cards processing and direct marketing services to credit unions.