Payments are big business in the credit union industry. Whether it’s implementing a mobile wallet or developing a risk-based pricing strategy for a card product, credit unions must be ready to evolve to keep up in today’s rapidly changing payments space.
In his Graphic Of The Week, Mobile Payments On The Move, Callahan analyst Daniel Wang showcases the state of mobile payments, the most popular payment platforms, and how large a part of digital revenue mobile commerce will make up.
The launch of Apple Pay late last year brought mobile payment technologies to the forefront for credit unions and banks as well as mobile wallet competitors. Google just released Android Pay, and Samsung Wallet is also nearing launch.
With a young, active, and technologically astute membership base, Navy Federal Credit Union already offers Apple Pay and PayPal and is the first credit union to offer Android Pay as well. To learn more about Navy’s approach to mobile wallets and glean insights for any sized institutions, read How To Keep Pace In A Changing Payments Space by Callahan contributor Ted Goldwyn.
Plastic has long been pivotal to the payments strategy atDuPont Community Credit Union, as evidenced by its peer-busting metrics in credit card penetration and portfolio. Building on that momentum, DCCU is now doubling down on digital, using business intelligence to drive campaign strategies and launch a new mobile app that features dashboards designed to drive and reward spend.
Read more about how the Virginia credit union uses card analytics and a new app to catch members’ interest in How To Segment For Success by Callahan senior writer and editor Marc Rapport.
Underwriting for any loan carries a significant recourse for credit unions. Credit card underwriting is a process that requires an understanding of the institution’s appetite for both risk and profitability. Those two factors weigh heavily into any risk-based pricing strategy.
In 3 Tips To Price For Risk And Profitability In The Card Portfolio, Callahan writer Erik Payne shares three tips on pricing from credit card expert and owner of TRK Advisors, Tim Kolk.
The Automated Clearing House Network might not be the sexiest entity in the fast-paced world of payments innovation, but it’s got some heft. Nearly $39 trillion and 22 billion transactions ride that rail each year, according to the electronics payments network NACHA, and a year from now NACHA will make the first major change in decades to speed up the pace at which the ACH Network moves money.
To learn more about this change and how to prepare, read How To Get Ready For Speedier ACH by Callahan’s Marc Rapport.
And a special thank you goes to those companies that contributed to this week’s Partner Perspectives. Don’t overlook these selections in this week’s lineup:
- Beyond EMV: Protecting Institutions And Cardholders Against Fraud
- The Path To Tomorrow Starts With The Right Marketing Partner
- How Internet PIN Debit Can Reduce Exposure
- The Virtual Millennial Banker: How Credit Unions Can Win
Happy Reading.
