As an Android user, I love the TV commercial poking fun at iPhone fanatics waiting hours in line to buy the new iPhone, hopelessly waiting for the next big thing. With Apple’s recent move to acquire a security technology company, the blogosphere is full of predictions of what this could mean—will the next iPhone have Near Field Communication contactless payment technology? While Android phones have already embraced NFC technology, deploying NFC on iDevices could speed up the adoption of mobile payments. Or not.
Financial executives and merchants face different challenges with emerging payment technologies, including mobile payments, mobile wallets, mobile banking, NFC, EMV, prepaids, and more. Add in the consumers’ perspective—we want faster and convenient transactions, good economics, plus a little bit of the coolness factor—and you’ve got a grand mix of disconnects and opportunities.
Category: Growth & Retention
, Management & Operations
Tags: card processing
, credit union
, merchant card services
, mobile banking
, mobile payments
, mobile wallets
The NAFCU CEOs and Senior Executives Conference this week has featured some outstanding presentations, including noted management guru John Spence (author of “Awesomely Simple”) and financial services expert Brett King (author of Bank 2.0). But for me one of the more meaningful presentations came from Royal Cole, Vantiv’s Financial Institution President.
Last year everyone was uncertain about the impact of the Durbin amendment and the myriad of other new financial services regulations. Flash forward and we now have a sense of what the future landscape is going to look like, which means that credit union executives should be assessing how (or if) their strategic plans need to change to adapt to the new reality.
Royal’s presentation was focused on precisely this point – titled ‘Carpe Diem – Living in a Post-Durbin World,’ it zeroed in on the growth opportunity facing credit unions today, and more importantly what we need to do to take maximum advantage of it. Read more