What does each age want? Effective payments strategy boils down to meeting the needs of individual members and each group.
Payments, done strategically and with members in mind, could make credit unions the primary financial institution for their most valuable members, observes Todd Clark, president/CEO of CUES Supplier member CO-OP Financial Services (co-opfs.org), Rancho Cucamonga, California.
“Combining a digitally transformed payments experience with a human-centric commitment to financial services is the recipe for member loyalty,” he says.
For optimal success, Libby Calderone, president/COO of CUES Supplier member LSC (lsc.net), Naperville, Illinois, believes a CU’s payments strategy must encompass the needs of all generations “ … with a focus on membership demographics, tailoring a CU’s payments product suite to meet each segment’s needs.”
Determining what influences a member’s payments choices (such as age and life experiences) is key, she adds. “So is providing the desired service associated with the product.”