5 Must-Reads for This Week: Pokemon Go, Biometric POS and Painful Cash

July 22, 2016 CO-OP Financial Services

CO-OP TOP READ
What had us hooked in this week’s news:

How Pokemon Go Reveals Security Issues at Your CU
Credit Union Times
Now that everybody’s had their moment to rant about the zombie-like wanderings of Pokemon Go players, it’s a good time to take a look at some of the real-world marketing opportunities – and security vulnerabilities – mobile game playing might reveal at your credit union. Are we indeed entering a new era, in which real life is blended seamlessly with digital reality? If so, how does that change the way we interact with members? And how do we ensure that the digital lives of our members and staff don’t compromise our physical and virtual security?

 

Why Is U.S. Bank Making Its P2P Free?
Business Insider
U.S. Bank, the fifth largest commercial bank in the U.S., eliminated fees associated with digital real-time peer-to-peer (P2P) transfers, most likely to keep pace with competitors who were already offering free real-time P2P. If these payments aren’t a profit center, they do help motivate customers to use mobile and digital banking.

 

NEC Brings Facial Recognition Payments to Point of Sale
PYMNTS
NEC Corp. is looking to change up the checkout experience with a series of trials for cashless payment services that rely on facial recognition technologies. Question: Will consumer interest in biometrics override their fatigue with new payments at the POS?

 

The Pain and Value of Paying with Cash
New York Times
It’s as far from the leading edge of payments as you can get in modern America, but cash may offer more than what’s shown on its face value. People who pay with cash say it hurts to spend that money. And, as a result, they place a greater value on their cash purchases.

 

Don’t (Only) Ask Members What They Want
Let’s Talk Payments
When a third of America’s population can’t tell you what they like and want in a tomato sauce without tasting it first, it’s questionable whether simply asking members what they want is the key to your future relevance. What are the limitations to consulting your members? How do you do it right?

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