Unlocking The CU Payments Opportunity: How Credit Unions Can Win The Race to Faster Payments

What You'll Take Away

• Gain new insights on unique member needs and pain points of their payments experience
• Identify opportunities to build deeper valued relationships with members
• Generate new ways to embed your CU as a trusted resource in the payments space
• Develop tools for member driven innovation
• Develop strategies to reduce fraud losses through new and emerging vectors, with an emphasis on the unique threats and risks 
• Explore product features and enhancements that bring the most value to members
• Identify product or feature gaps and potential solutions and/or partnerships 
• Network and learn from peers

Applying methodologies taught in leading graduate schools and board rooms and leveraging the network effects of working with other top CU leaders and subject matter experts will help you grow your membership, gather non-rate based balances, and build differentiated offerings.

Who Should Attend

Open exclusively to senior credit union leaders

• CEOs and COOs
• Heads of Strategy
• Payments Executives
• Senior Product Leaders

Approach

This hands-only workshop will be facilitated by industry experts using modern agile business methods including Design Thinking, Jobs Theory, Member-Centered Development, Product-Led Growth, and others. 

We will start by leveraging the lessons learned from case studies on similar use cases to provide inspiration to help participants envision potential future states. Then participants will deep-dive to discover new insights into some specific jobs that members need to get done in this context, the pains they are experiencing, and the gains they are trying to achieve. The end result will be functional specifications necessary for success from both the member and the CU perspective.

Participants can use these outputs on their own to implement new solutions based on the developed insights, or they may choose to collaborate as a group to move forward together. The latter approach brings opportunities to share risks, share costs, and share lessons-learned that help to shorten the time and cost to move from insight to execution.

Why This Matters

Payments are hot. Consumer peer to peer payments alone are growing from $983b forecast for 2022 to a whopping $1.3t in 2024! According to a recent survey of 2,010 U.S. businesses by the Federal Reserve, 90% expect to use faster payments in their operations by 2024, and many are ready for that upgrade now. Meanwhile, 30% of consumers say access to real-time payments is a key factor when selecting a financial institution and nearly 25% would be willing to switch to an institution that offers them, according to new research from PYMNTS.com.

This dynamic creates a number of challenges for today's credit union leaders:

• Keeping up with the rapidly growing peer-to-peer payments market.
• Navigating the transition to faster payment systems by 2024.
• Addressing the rising demand for real-time payments from consumers.
• Competing with other financial institutions offering real-time payment solutions.
• Adapting to the forecasted substantial increase in payment volumes by 2024.
• Ensuring the credit union's payment infrastructure can handle the expected surge in transactions. 
• Developing strategies to retain members amidst the willingness of 25% of consumers to switch to institutions with real-time payment options.

While implementing new payments technologies and revamping established processes can seem like a time- and resource-intensive investment – especially for smaller financial institutions and credit unions – the right strategy can help maximize both short-term ROI and long-term success.

For credit unions considering new payments technology, reflect on who your members are, what they need and ultimately what they are trying to achieve with faster payments. By deeply understanding the expectations of your members, your credit union can more effectively choose a solution that brings great value to its members and serves them, both now and long-term.

This session will uncover actionable insights on member pain points and opportunities to add value to help institutions provide differentiated payment experiences.

Program Sponsors

• Alloya Corporate Federal Credit Union -  A credit union for credit unions with a mission to support the success of its 1400 members through affordable and comprehensive payment, liquidity, investment and lending solutions.
• Curql - A fintech strategic investment capital firm that's all about collaboration. Curql is steered by a collective of veteran leaders and disrupters in the strategic investment space.
• Neural Payments - A new payments engine created to move money on traditional rails, modern FinTech platforms and crypto systems.