TALLAHASEE, Fla.-Mobile and P2P should be high, if not at the top, of this year's strategic planning topics, asserts Jim Park.
The CEO of Credit Union 24 believes that both will soon take hold even more strongly in the U.S., a conclusion he came to after attending the recent World Council of Credit Unions meeting in Gdansk, Poland.
"For instance, I learned that in Kenya, a country not considered a leader in banking, they have come up with way to do away with CU branches entirely by using P2P and mobile. I was shocked. The speakers at this meeting session asserted that branches need to be automated fully or eliminated from future consideration."
Chip cards are another important technology to be discussed, said Park. "I think we need to have a standard-adopt a universal chip standard in this country like others have, which will eliminate consumer confusion. Once we get a standard, move forward with that as quickly as possible, if only from fraud-prevention perspective. Criminals are squarely focused on the U.S. since we still rely on mag stripe."