Changing member demands – especially among millennials – and the adoption of mobile wallets, person-to-person transactions, wearables and other forms of disruptive technology are transforming the payment model for credit unions.

For credit unions to take advantage of mobile payments, they need to understand how member behavior continues to reshape the market structure for payments and money transfers.

"Now is a pivotal time for credit unions to educate their members about new payment methods," Cindy McGinness, manager of digital channels for the St. Petersburg, Fla.-based payments CUSO PSCU, said. "If we do not help members evolve and understand how things are changing, we run the risk of losing the transaction and engagement with that member."

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Roy Urrico

Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).