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CSCU News and Insights

Posted: Aug 11, 2016
Categories: Millennials
Comments: 0
Author: Paul Castner

Thoughts About Big Data vs. Little Data and Ideas on Millennial Marketing

Recently published thought leadership articles from CSCU have appeared in key credit union trade publications and/or websites that we thought you would find interesting and thought-provoking.  First, more marketing insights on millennials.  Based on what CSCU's Lou Grilli reports, millennials would rather visit a dentist than listen to a financial institution's sales pitch.  Most in the credit union space agree that the opportunity to attract millennials as new members is huge but figuring out how to engage them is a challenge. Millennials can be difficult to reach and don’t trust much of the information being thrown at them.  However, despite the challenges it is possible to achieve success as Lou outlines some tactics designed to reach new members through the social media channels they trust, guiding them to the information they want, and offering products that meet their needs.   Click here to read this article from the Payments Journal.  The second article is on CU Insight and takes a open-minded view of  the role of big data vs. little data within credit unions.  A question you should be asking, is the expense and complexity of big data necessary when capitalizing on little data is all your credit union may need?  Read all about it at CU Insight.

Posted: Aug 4, 2016
Comments: 3

Contactless debit, credit and prepaid cards - payment cards that can be used by tapping a point of sale (POS) terminal or waving the card near the terminal - have been issued by major banks around the world since 2007.  Also referred to as “tap and pay” or “tap and go,” these cards feature an embedded NFC antenna and chip (different than the EMV chip) which allows the card to exchange payment credentials to an NFC enabled terminal with just a wave or a tap. They are touted for both speed and convenience mostly because no signature or PIN is needed.  In addition, the transaction amounts using this capability are typically limited to $25 or $50, consistent with the waiving of the need for signature for mag stripe transactions for those amounts.

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Posted: Jul 27, 2016
Comments: 0
Author: Tom Davis

In part 1 of our 2-part article on bitcoin and blockchain, we attempted to shed some light on what bitcoin is and why users around the globe are showing interest in adopting the cryptocurrency and its underlying blockchain network.  It is important for credit unions to know more about blockchain as a global cyber technology so that you are fully prepared to capitalize on its benefits when presented.  As we discussed, blockchain technology is a critical part of the bitcoin network but blockchain does not necessarily need bitcoin to provide utility as a standalone network. How bitcoin fares as a crypto currency in the global economy is anyone’s guess, but it would be tough to argue that the adoption of blockchain is going away anytime soon. The excitement around the use of blockchain as a way of sharing and transmitting data seems to be growing.  This is easily seen by the staggering increase in investment in the technology as industries around the world try to find ways to take advantages of the benefits of the blockchain.  In fact, many believe this technology will transform banking and cyber security as we know it.

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Posted: Jul 26, 2016
Comments: 0
Author: Bill Lehman
Walmart Pay has joined the burgeoning list of “Pays” – mobile payment apps – and has quietly made its way from its launch in 2015 to now be accepted in every Walmart store (over 4,600 locations) in the U.S. And early reports show that 88% of transactions processed through Walmart Pay are from users who previously used the app, meaning high satisfaction. Contrast this with Apple Pay’s low repeat usage rate – one-third of all Apple Pay users don’t use it a second time. Walmart Pay, which is actually a component of the Walmart mobile app, works with any credit, debit, prepaid (and of course) Walmart card, and allows payment at checkout by opening the app and scanning a QR code.
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Posted: Jul 22, 2016
Comments: 0

A follow up to previous TPR article on this topic

Fraud continues to be the number one reason why a cardholder moves a card from top of wallet. And fraud isn’t cheap, costing the issuer in liability for the fraudulent charges plus the cost of reissue.  Additionally, there is the potential of lost revenue from the card being moved from the number one position in the cardholder’s wallet.

A previous thought leadership article on ThePaymentsReview.com introduced the concept of putting the cardholder in the middle of the transaction, meaning enlist the cardholder to take ownership of monitoring card purchases and respond quickly to potential fraud.

A shining example of success implementing this strategy took place over the 4th of July weekend. FIS, CSCU’s processing partner and international provider of financial services technology and outsourcing services, rolled out a new product, SecurLOCK Communicate.  The product alerts credit and debit cardholders of potential fraud in real time via a two-way interactive text message (SMS), or a voice call, or an email.

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