Some credit unions may consider themselves well versed in the latest opportunities and challenges in the payments space. But the fast changing nature of the business means that just because an institution or individual is up to date for now, there’s no guarantee they’ll stay up to date for long. Here are five reasons why credit unions should adopt a dynamic, ongoing payments education strategy on both the employee and the institutional level.
1. The payments industry is changing exponentially with the expansion of technology. From cards to mobile payments, the industry is experiencing significant growth as new technologies and providers enter the landscape. Credit union professionals must keep up with new players in order to remain competitive, to better separate the fads from the foundational shifts, and to better ensure their place in the industry in the years ahead.
2. Payments professionals must consistently stay on top of sound practices in risk management. As new technologies arrive, so does the advent of cyber criminal activity in the form of phishing scams and identity theft. Unless credit unions devote ongoing resources to spotlighting and avoiding emerging threats, they won’t see them coming until it’s too late. Education can be the critical factor in maintaining a culture of risk management while also embracing innovation.
3. Emerging markets in the payments industry present business opportunities. As economic policy and legislation shape the financial landscape, future business opportunities are emerging for the forward-looking professional. New payment products, careers, and industries are being forged by those who don’t just stay on the cutting edge, but work to define it.
4. Learning new things gives employees confidence. In 2008, the Centre for Research on the Wider Benefits of Learning published a report supporting the fact that confidence can be improved as a result of effective teaching and learning practices. Imagine the possibilities as staff begin to develop a passion for education and apply the resulting confidence to all areas of their life. Employees will not only better earn the respect of peers and supervisors at work, but reach the full potential of their personal life as well.
5. Professional development is recommended to help advance career growth. In a competitive job market, industry experts recommend professional development as the leveraging tool employees need to stand out amongst their peers. A history of continuing education shows employers which job candidates have initiative and the ability to enhance their own marketability, with or without supervision.
NACHA is a great resource for continuing education offering monthly webinars and annual events that span a broad range of payments topics. For more information on our educational events, visit our website at www.nacha.org.