Credit Unions Should Be Thinking Top of App Instead of Top of Wallet

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The widespread use of smartphones and the Internet is changing the way a lot of people live their lives and giving rise to a range of new terminology. According to research by Pew, smartphone usage is not just growing in America but around the world. This has lead to service providers in a wide assortment of industries creating apps for goods, services, and subscriptions. What this means for credit unions is the increased use of "apps" to make purchases using credit and debit cards.

3 Ways Credit Unions Can Influence Debit and Credit Card Interchange Revenue

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While optimizing value for clients is the primary focus of credit unions, financial survival also requires CUs to generate a certain amount in annual earnings. Debit and credit card interchange revenue usually deliver a sizeable chunk of most CUs’ non-interest income. As this is arguably the biggest source of funds it’s important to keep it coming in, regardless of changes in the financial industry or disruptions caused by technology.