Credit Unions Poised to Capitalize on Consumers’ Demand for Emerging Retail Products and Services
May 9, 2013
May 9, 2013
As dynamic new technologies emerge in retail financial services, research shows the evolving consumer base looks to financial institutions first to introduce new products and services. Credit unions can respond to these opportunities by combining existing offerings with next-generation tools and payment forms to reframe relationships with their members.
“Retail Financial Products and Services: Capturing New Value Paradigms for Credit Unions”, a Mercator Advisory Group white paper sponsored CSCU, describes the evolution of the financial services industry, dubbed “Banking 2.0”, in which developers of emerging financial services are anxious to provide alternatives to legacy banking services.
“Interestingly, descriptions of the emerging consumer-centric retail deposit services often echo the principles of credit unions, with products that put the consumer first by using new technologies that support usability, convenience, real-time access, interactivity and portability,” said Bill Lehman, vice president of Portfolio Consulting Services, CSCU. Credit unions can begin adoption of Banking 2.0 by implementing the following strategies:
- Use technology to obtain and apply a deeper understanding of member household segments to account management services and account acquisition processes.
- Assess current products and services to improve convenience, flexibility and delivery channel reach.
- Introduce new personal payment products into debit card portfolios to expand cash replacement capabilities.
- Provide tools for household budgeting by offering a variety of credit products and debt repayment tracking and management services.
Credit unions can access the complete white paper at www.cscu.net/whitepaper.
Strategic Link is the NWCUA’s wholly-owned service corporation, using the power of aggregation to provide the Association’s member credit unions with exclusive high-quality, competitively-priced products and discounted services. Contact Director of Strategic Partnerships Craig Reed today to find out how Strategic Link can help your credit union save money while meeting its goals in 2013 and beyond: 206.340.4789, firstname.lastname@example.org.
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