Menu
Posted: Oct 11, 2017
Comments: 0
Author: Lou Grilli

Should Credit Unions Renew?

[Editor's Note: This article was previously published on CU Insight and has been modified.]

It’s hard to believe that three years has passed since Apple surprised the mobile payments world by stating that iPhone 6 users can make payments with the touch of a finger, beginning on October 20, 2014. About 500 credit unions and banks were among the initial issuers who agreed to a three-year term to participate, meaning their contracts are coming up for renewal. Many financial institutions signed on shortly thereafter. According to PYMNTS.com, the terms of the contract required the issuers to give up to Apple a half penny for every debit transaction or 0.15 percent of every credit transaction conducted through Apple Pay. These fees were over and above charges already assessed by the card networks and the processors. But those financial institutions, mostly larger or forward thinking credit unions and banks, wanted to be on the forefront of what was highly touted to be the evolution to the long-awaited “year of the mobile payments.”

Read more
Posted: Jul 6, 2017
Comments: 2
Author: Lou Grilli

And what does this have to do with credit unions?

Polaroid is a MBA business school classic case study of a company whose management was blindsided by innovation, even when indicators were present, but ignored. Polaroid’s peak employment was 21,000, and by the late 1990s Polaroid was a top seller of digital cameras; its peak revenue was $3 billion in 1991. But other digital cameras flooded the market, its film sales plummeted, and Polaroid declared bankruptcy in 2001.

Blockbuster is another classic case study of being blind to innovation. Going to a blockbuster store and picking out a rental video was a Friday or Saturday night tradition for many households. But Netflix’s adoption of putting DVDs in the mail, replaced with streaming and on-demand content was what finally put Blockbuster away.

The taxi industry has not made it to business school case study of failures, but tis getting close. The taxi 

Read more
Posted: May 31, 2017
Comments: 0
Author: Paul Castner

Bob Legters, FIS Chief Product Officer, presents his ideas at CSCU’s 2017 Annual Conference.

“When people think about types of payments, they generally view their money in two buckets – the money they have, including dollars in debit accounts, savings, investments, even rewards points, and the money they don’t have, including the money they can borrow or leverage plus access to other people’s money.” That is one of the thought-provoking concepts proffered by FIS Chief Product Officer, Bob Legters, at CSCU’s 2017 Annual Conference.
Read more
Posted: Apr 19, 2017
Comments: 0
Author: Tom Davis

Even if IoT devices are not secure, payments made by connected devices are.

Lately it seems a lot of disturbing stories have been coming out about the Internet of Things (IoT). NBC News stated that there are over 6 billion connected devices in use, and predicted that this number will grow to over 20 billion by 2020. But is also showed a video reporting on a massive denial of service attack that used millions of connected baby monitors and home video cameras to launch the attack. More recently, the local Fox station in Orlando carried a story about a couple whose smart home was digitally infiltrated by a hacker who invaded the home via the voice-enabled two-way camera. In this case it was a “white hat” hacker, or a member of a group of ethical hackers who look for holes and inform the vulnerable without causing harm.
Read more
Posted: Feb 6, 2017
Comments: 0
Author: Paul Castner

CSCU payments prognosticators are at it again!

It’s time to put our carefully laid plans for 2017 into action. What will 2017 bring? We asked two CSCU thought leaders to share with us their predictions for the year and implications for the credit union community.

Tom Davis, CSCU’s SVP of Finance & Technology, gave us his top predictions:

Checkout-less shopping will proliferate.  Merchants like Chipotle and Taco Bell have already released their “order ahead” and “checkout-less” shopping apps.  Sam’s Club joined the party when they released their “Scan and Go” app in 2016.  Amazon’s new checkout-less grocery store is taking all of this a step further.  These apps and shopping experiences provide real conveniences that consumers value

Read more
RSS
123

search

Featured Stories