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Posted: Jun 8, 2018
Comments: 0
Author: Lou Grilli

[Editor's Note: This article was previously published in CUInsight, and has been modified.]

Credit unions think of branding in terms of advertising, mailings, inserts, logos and social media. However, payments, and all the touch points associated with digital and plastic payments, are an equally important part of a credit union’s brand.

Credit Union marketers are diligent in ensuring that the brand is consistent throughout all aspects of member contact. So, signage, logos, websites, mobile and online banking platforms are all inspected for consistency with the brand. Payments should also be included in this thought process.

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Posted: May 24, 2018
Comments: 0
Author: Lou Grilli

ThePaymentsReview continues a new feature that occasionally highlights regulatory topics important to credit unions.

A major change to Remote Deposit Capture is coming this July, which may have an impact on whether financial institutions want to continue offering this service.

Mobile Remote Deposit Capture, or mRDC, is one of the shortest adoption curves of any aspect of online and mobile banking. Despite the slight decline in the number of checks written, recipients overwhelmingly prefer to deposit checks from the comfort of their phone, rather than going to a branch or ATM.  RDC was initially developed as a convenience for a business that received checks to deposit the checks electronically (typically using a scanner provided by its bank), and was made possible by Regulation CC, which implements the Expedited Funds Availability Act of 1987 (“EFA Act”) and the Check Clearing for the 21st Century Act of 2003 (“Check 21 Act”). Mobile remote deposit capture, and specifically, the ability for a fraudster or forgetful person to deposit a check by taking a picture using their smart phone, and then depositing the paper copy at a different financial institution or check-cashing business, was not taken into consideration by these two pieces of regulation. How often does this happen? 3.5 of every 10,000 checks deposited to banks and credit unions are duplicates according to the 2017 Mobile Remote Deposit Capture Industry Report.

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Posted: Aug 2, 2017
Comments: 0
Author: Lou Grilli

It could happen.

There’s been lots of hype claiming that Zelle, the recently launched P2P service by several major banks and credit unions, is the “Venmo killer”, alluding to the fact that financial institutions are staving off the onslaught of tech companies looking to make inroads into the banking industry.

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Posted: Jul 20, 2017
Comments: 0
Author: Tom Davis

Government also plans to use biometrics to eliminate credit and debit cards by 2020

Editor's Note: This article was previously published on CUInsight.com and has been modified.

Overnight, India, a country with 1.3 billion in population, became a predominantly cashless country, switching to mobile-based digital payments. And the government has even more ambitious plans – to eliminate credit and debit cards by 2020. How did this all happen?

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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 

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