With the dust settling a bit from CSCU’s Solutions Conference 2016, several overarching themes were front and center throughout the conference.  However, none were in the spotlight as much as the presentations and dialog regarding the need for credit unions to up their games when it comes to creating and deploying digital payments strategies.

During a key breakout session jointly hosted by CSCU’s Tom Davis, Senior VP Finance and Technology and Lou Grilli, Director of Payments Strategy, the main message for credit unions was to think of credit cards in terms of “top of phone” rather than the traditional “top of wallet.” Today, credit union members are already paying for goods and services using digital and mobile wallets.  If a credit union’s card is not enabled in these wallets, then members are using some other financial institution’s card. Grilli cites industry statistics to prove the magnitude of the opportunity including the fact that 3.5 percent of eligible purchase transactions are already made using Apple Pay.  More than 70 financial institutions in the U.S. now support Samsung Pay with that number increasing almost daily.  And, there are currently 11 million Visa Checkout users with 1.5 million new Android devices added each month.

Bon voyage! The CSCU Solutions Conference 2016 (SC16) sets sail at Disney’s Yacht & Beach Club in Orlando.  With more than 300 attendees, 30 breakout sessions, 3 keynote speakers, and the partners’ solutions showcase, SC16 is shaping up to be the biggest and best CSCU conference to date for credit unions. Importantly, SC16 is an industry leading educational event that will deliver timely and relevant thought leadership insights and information to help credit unions navigate through the many changes going on in the world of payments.

Record turnout expected. Renowned speakers. The Payments Review will be there!

It seems like we just unpacked the boxes from last year’s CSCU Solutions Conference (SC), but here we are again with our 2016 annual conference just a few days away.  SC16 runs from April 20-23 and is being held at Disney’s Yacht and Beach Club in Orlando, a world-class resort and conference center that just happens to be connected to some rather famous theme parks.  The venue, the agenda, the speakers, the weather, and the fun are all key ingredients to making SC16 shape up as arguably one of CSCU’s best conferences. 

Loyalty programs are undergoing changes on all fronts. American Express announced a new mobile app that will allow membership rewards to be used at the POS, presumably at a devalued exchange rate. Starbucks changed their long-standing rewards program by issuing “stars” based on dollar spend, rather than the number of transactions, causing some consternation among Frappuccino and Oprah Chai aficionados. The way credit and debit card issuers who offer loyalty programs view rewards is also coming under scrutiny.

New Payment Technologies.  Fighting Fraud. Interest Rates.  CU Loan Growth.

Tom Davis, CSCU’s Sr. Vice President of Finance and Technology, was recently interviewed by Mike Lawson of CU Broadcast during GAC in Washington, D.C.  Covering a wide range of topics on what credit unions should be prepared for in 2016, Davis offered his expert insights on emerging payments and what to expect in the ongoing fight against fraud.  Additionally, he says to keep an eye on interest rates and that we will continue to see loan growth for credit unions in 2016.