Cuscal News - Edition 26 - Highlights from Convention
It was fantastic to catch up with many of you in Cairns last week for Convention. And what a great event it was this year. The optimism and energy regarding the important role that independent financial institutions play in offering choice for consumers, made for a particular 'buzz' at this year's event.
For our part, Cuscal was proud to unveil
our new payments platform, which we hope will serve as the 'engine' for the mutual sector for many years to come. It has the capacity to allow us to bring new product innovations to market much more quickly and cost-effectively. CBA's release of the Kaching mobile payments application highlights just how important it is for us to be able to innovate and evolve at a pace, in order to be able to keep servicing members or customers in ways that suit them.
I was privileged to spend time with Brett King, author of Bank 2.0, who talks a lot about the convergence of payments and mobile devices. Mobile payments will be an be an essential channel to acquire and retain new members, particularly in the youth segment. Interestingly, not only will we need to create the front end interface to facilitate mobile payments, allowing members to pay for goods and services with their phone, but it will also bring about a greater need for real-time payments. Members will want the ability to transfer money electronically as quickly as they can pass cash from one hand to another. There will be an expectation for immediate payment, in a way that traditional payment types cannot deliver.
In the United States, 2009 was the year that internet transactions exceeded transaction activity at the branch. It is expected mobile transactions will surpass internet activity in 2014 - that is not far awayi. Our new capabilities will give us the opportunity to respond to advances in real-time and mobile, and offer it across the entire community of organisations that we serve. Any such product we bring to market could be a more 'open' service to that of Kaching, which only allows for real time payments amongst those that bank with CBA.
Brett King also talks about out the importance "putting services back into financial services." The uniquely strong relationship that mutual ADIs have with their customers was emphasised by Dr Laker in his Convention keynote speech. The historical strength that credit unions have for knowing and servicing their customers will be even more important in an environment of increased competition and changing technologies. Cuscal is considering how our new platform may be able to support you further here, not only via products but also via business intelligence.
Cuscal's other good news from Convention was that we have a number of signed contracts for transactional payments services for 2013 and beyond, and we are in the final stages of negotiations on several others. Credit Union Australia (CUA) is our largest customer to date that has recommitted with us, and we are grateful to them and those others for their support. Being able to aggregate services with a large provider like CUA will provide a cost effective way for other independent providers to offer the services and solutions of a major bank to their customers. This can only be good news for those wishing to sustain and grow their businesses, into a rapidly evolving and exciting future.
iABA, Nielsen Research, Javelin Strategy & Research
This edition of
Cuscal News features several articles relating to cards products, including new Visa marketing campaigns; the announcement that PCU has introduced Visa payWave on credit cards; and a fact sheet to help you get the most out of Verified by Visa.
----
This article was published in Cuscal News, the online newsletter keeping you informed.
Cuscal News contains information on our industry, products, services and other news to assist you unlock your potential. If you would like to receive Cuscal News, and/or provide feedback on this article please email us at communications@cuscal.com.au
