This Week’s Reads: Credit Unions, Digital Account Opening, Mobile Payments

Below are interesting stories the staff has been reading over the past week.

Articles via The Financial Brand, Credit Union Times, Finextra and Mobile Payments Today

  • 8 astonishing facts bankers should know about millennials: Did you know that recent data shows that 52% of millennials prefer non-traditional payments? As millennials begin to outnumber Baby Boomers, it’s important that financial institutions work to provide services that appeal to them and are up-to-date on the latest trends in the industry.
  • Six strategies to attract young members: With the average age of credit union members being consumers in their mid-to-late 40s, credit unions are missing a major market –millennials. A new World Council Report has worked to develop strategies for credit unions to execute on to attract younger members, including: providing digital services, turning employees into ambassadors and engaging with members on social media.
  • 70% of Americans prefer digital to branch for account opening: As the use of digital services continues to grow across all industries, financial institutions are seeing an increase in their customers and members looking to use these services for banking purposes.
  • The consolidation game in the mobile payments market: Even though it’s still early in 2015, mobile payments are already having a busy year! From Samsung and LoopPay, to Google and Softcard, this is a great roundup of all of the movements that have been made in the mobile payments space so far.

What have you been reading? Let us know in the comments section below or Tweet @bankingdotcom.

Written by Staff