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The Future (of Payments) Ain’t What It Used To Be!

The Future (of Payments) Ain’t What It Used To Be!
Posted: Apr 26, 2017
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So says CSCU Bob Hackney at the CSCU 2017 Annual Conference

 “The future ain’t what it used to be,” was a quote from Yogi Berra. Who knew that a New York Yankees catcher and manager from the 50’s and 60’s would be talking about payments?” That was the thought-provoking opening by CSCU’s president, Bob Hackney during the CSCU 2017 Annual Conference held in Orlando. 

"Many years ago, when people spoke of the future of payments, they were talking about the death of checks. Some were even talking about a completely cashless society. Five years ago, the future of payments was EMV, mobile payments, Apple Pay and NFC. Today we’re not even discussing EMV. Now we are talking about the Internet of Things and connected devices. Analysts are calling for 50 billion devices connected to the Internet in just 2 and a half more years – that’s 7 devices for every man, woman, and child on the planet. That’s connected!” Hackney exclaimed. “And with machine learning changing the way credit unions interface with their members, and the connected car and what that can do – pay at the pump without taking out your wallet, payments will look very different than they do today."

Putting this into context for the 350+ credit unions represented by the attendees at the conference, Hackney asked: “What does this mean for credit unions? To draw again from the great American philosopher Yogi Berra: ‘When you come to a fork in the road, take it’. Credit unions are in the payments game, and need to be ready to adapt and change. And it’s not going to be easy. Smaller credit unions don’t always have the staff, skill and budget to be able to do everything they need to do in payments. And that’s where programs like CSCU’s Optimize growth solutions can help credit unions – by providing a 12-month program for credit unions to regularly engage with their members and help with credit line management, activation, and usage campaigns, and freeing up resources to focus on payments strategy.”

Hackney concluded with the following advice for credit unions: “Digital wallets remain critically important to credit unions. But one thing remains constant when it comes to payments. It is vital for credit unions to keep the credit union card top of the physical wallet, top of mobile wallet, top of app, top of mind, and relevant with their cardholders.”

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Shelly-Ann Wilson Henry

Shelly-Ann Wilson HenryShelly-Ann Wilson Henry

In her role as PR & Communications Manager, Shelly-Ann plays a critical role in the development, distribution and management of the content that supports CSCU’s thought leadership agenda.

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