Next week is Money2020 and members of the CO-OP leadership team will be onsite to gather ideas and insight on innovation and the future of money and banking.
Innovation isn’t really new to financial services anymore: In today’s climate, it’s more of a constant. A survey found that 80 percent of financial services executives are worried about disruption and displacement from innovative fintech companies. While a level of concern is understandable (and healthy), there is also a lot to be excited about in this age of innovation. We’ve previously reported on the integration of AI in fraud detection, improvements in analytics and business intelligence, and the value of cultivating a diverse and agile organizational culture – again, to name but a few innovations among millions.
But this week we delve into a few new (or new-ish) ideas that are making real impact – by reshaping the member experience at the digital/human interface, rethinking digital identity, revolutionizing the relationship between merchants and financial institutions, revisiting security for mobile payments and beyond, and taking the payments experience to Olympic heights.
And while every credit union can’t embrace every new idea, embracing an innovation culture seems like a good place to start.
Best Global Innovations in Banking for 2018
Recognizing the best banking innovations in the world is a lofty goal. Efma, an association of 3,300 financial institutions in 130 countries, and Accenture set out to award the most original, impactful and universal ideas for creating human experiences in financial services. Their top picks reveal just how intertwined human and digital experiences are in 2018 – and how far we’ve come in meeting consumer expectations, even as those expectations soar.
Podcast: The Rise of Digital Identity with Equifax Mobile Strategy Leader, Hrishi Talwar
Digital identity is no longer a fringe concept; it is quickly gaining mainstream popularity. Who wouldn’t prefer a digital passport or driver’s license, for example? Our lives are becoming increasingly digital, why shouldn’t our identities follow suit? Mobile Payments Today editor Will Hernandez and Equifax’s Hrishi Talwar talk about who’s developing digital identity systems and how they’re likely to unfold worldwide, as a result of both government and private initiatives.
How Instant Payments Are Transforming Banking and Retailing
Instant payments are generating a fair amount of buzz among retailers and other small businesses. What’s driving the demand among merchants and entrepreneurs? And how should financial institutions approach this shift in the marketplace?
Tokenization: Why the Future of Mobile Payments Will Be a Win for Merchants and Consumers
Tokenization may not be new, but it’s likely to be instrumental as the mobile payments universe expands – streamlining the customer experience, reducing subscription churn and securing payments to pave the way for increased usage.
9 Ways Banking Providers Can Accelerate Innovation
Successful innovation isn’t always member-facing, sometimes it purely internal. Building a culture of innovation begins with solving “the innovation riddle” – understanding what technology and investments will drive a substantive change in the member experience. Three innovation experts give their advice on the 9 ways banking providers can accelerate innovation, beginning with experimentation all the way through to developing long-term fintech partnerships.
Innovation and disruption are moving faster than ever and it’s up to you to keep up. Join us for a live webinar “Technology and Payments Trends: What to Expect in 2019” on November 7 at 11:00am PT as we look at how technology will reinvent commerce, reset consumer expectations and reshape payments in the year to come.
The original article 5 Must-Reads: 5 Innovations That Will Impact Your Credit Union can be found on Insight Vault.