Payment Systems Strategic Role In Credit Unions
by Mark Arnold
Payment systems are rapidly changing to meet evolving technology and consumer demand. In a recent white paper (Payment Systems: Their Strategic Role in Credit Unions) now available for download through Synergent Technology Services, we explore the world of payment systems and what it means to credit unions.
Payment systems are not a tactical issue your credit union faces—it is strategic in nature. Ron Shevlin, Senior Analyst with Aite Group, concurs, saying, “As far as a payment systems strategic role, credit unions must now look long-term.”
Payment systems represent a dynamic and fluid world in which the way consumers pay for anything from concert tickets to their monthly electric bill is relentlessly evolving. Credit unions ignore this assault on their typical business model at their own peril.
For payment systems to work well and be a true member benefit, they must run smoothly and refrain from sapping too much staff time and energy. Executed properly and as part of a strategic role, payment systems represent an area for credit unions to maintain near constant contact with their members. Done poorly, payment systems could represent the downfall of an otherwise sound member service strategy.