MADISON, Wis.-A strategy for effective mobile payments must include collaboration within a credit union among the marketing, business development and in-formation technology departments, according to a new white paper from the CUNA Councils.

Those departments must determine how and when mobile payments will be appropriate for their membership, and how to position their credit union for present-day relevance and future gains in market share, says a new white paper from the CUNA Councils.

The paper, "Mobile's Moment: Payments Breakthrough Provides Opportunities for CUs," outlines main mobile payments players, examines credit unions' current approach to mobile payments, and pro-vides technology and marketing strategies for making the transition to mobile payments.

The paper notes that some credit unions are introducing mobile payments to members or enhancing existing mobile services to include payments by working with vendors adapting their offerings to accomplish this. "There's evidence of the wisdom of this strategy for many more credit unions during a year dominated by announcements of new mobile payments ventures by credit unions' competitors," the paper states.

The white paper also notes:

* Slightly more than one-third of all U.S. adults now own a smart phone, the chief device for accessing such ser-vices.

* Consumers who use online financial services–including members and potential members–now interact with their financial institutions via the digital branch more than any other way–about 10 times per month, according to a recent internal study by Intuit Financial Services. When mobile access is added, users interact roughly 19 times per month. And those using online banking, mo-bile banking and tablet banking access their accounts approximately 30 times per month.

The Federal Reserve says 80% of mobile banking users are under age 45 and minorities are disproportionately more likely to use mobile banking. Meantime, the average age of credit union members is 47–10 years higher than the U.S. median.

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