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From the Editors of CU Weekly
UPTICK IN EMERGING PRODUCTS DEMAND
04/22/13 10:36 AM
CSCU White Paper Pins CU Opportunity
According to a new CSCU white paper, consumers are looking to financial institutions first for new, emerging retail products and services. This creates the perfect opportunity for credit unions to capitalize on new demand and adequately respond to member needs by combining existing offerings with next-generation tools and alternative payment forms.
The white paper, Retail Financial Products and Services: Capturing New Value Paradigms for Credit Unions, describes the evolution of the financial services industry that calls for alternatives to traditional banking services.
Interestingly, descriptions of the emerging retail deposit services tend to be similar to the principles of credit unions that put the member first by using new technologies that support usability, convenience, and interactivity.
Steps credit unions can take to support and keep up with the financial services evolution:
- Leverage technology to obtain and apply a deeper understanding of member household segments.
- Assess current products and services to improve convenience, flexibility, and delivery channel reach.
- Introduce new personal payment products into debit card portfolios to expand cash replacement capabilities.
- Provide tools for budgeting by offering credit products and debt repayment tracking and management services.
Click here to download the complete white paper!