Scott Burwell, an analyst for Symitar (a division of Jack Henry & Associates) told the 80 or so credit union attendees at Credit Union Conference’s annual CU Services & Products Forum that mobile banking is the wave of the future.
Burwell says social-networking sites, such as Facebook, also pose an interesting challenge for financial institutions, since many are soon expected to offer payments functions that resemble PayPal.
Rich Weissman is the president of DMA Corp., which consults credit unions and other FIs. Weissman says the economic recession has forced FIs to change the way they do business, and for the better.
Barbara Cure, an e-commerce consultant for NCR Services, says credit unions need to do a better job of branding themselves through consistent multichannel marketing.
The forum was held at the historic Hotel Del Coronado in San Diego. During the second day of the forum, attendees talked credit union business during a reception hosted on a deck that overlooked the ocean.
Credit Union representatives who attended the forum came from credit unions that span the country and vary in asset size.