The NAFCU Journal March-April 2020 - 21

NEWER TECHNOLOGIES
TO MEET MEMBER NEEDS
REQUIRE CREDIT UNIONS
TO ADAPT, EXPERTS SAY

By Thomas A. Barstow

F

or years, credit unions and their customers have
been adapting to technologies that allow for faster
payments and streamlined processes, trends that will
continue to accelerate in the years ahead. For those
who lead credit unions, experts say, the trick will be to stay on
top of these developments, especially as customers increasingly expect to have the latest tools at their fingertips. 
Sara Dolan, CFO of Michigan State University Federal
Credit Union (MSUFCU), says her organization participates with a number of platforms, including Apple Pay,
Samsung Pay and Google Pay. By the fall of 2019, MSUFCU
members had made nearly 110,000 credit card transactions and more than 437,000 debit card transactions using
mobile payments.

"I think faster payments will be the new normal, regardless of
the channel that they flow through," Dolan says. "Consumers
want fast, secure, frictionless payments and will look for their
financial institution to provide the options to make this happen in a simple and intuitive manner."
A number of different products offer similar services. Zelle,
for example, is a relatively new way for consumers to transfer
funds from their accounts to the account of a friend or
family member in a matter of minutes, rather than the days it
used to take to transfer money by check. 
"Zelle is a new option in the payments space, but there are similar options such as Venmo and PayPal that have been used for
several years," Dolan says. Between January and early November 2019, she says, East Lansing-based MSUFCU received
more than 287,000 incoming transactions from Venmo and
123,000 from PayPal totaling $51 million and $42 million,
respectively. In that same time frame, MSUFCU credit union
members sent more than 391,000 outgoing transfers totaling
$43 million using Venmo and 738,000 transfers totaling $48
million using PayPal. 
"This is a significant amount of activity," Dolan says, "and
we need to participate to remain relevant to our members."
THE NAFCU JOURNAL  MARCH-APRIL 2020

21



The NAFCU Journal March-April 2020

Table of Contents for the Digital Edition of The NAFCU Journal March-April 2020

The NAFCU Journal March-April 2020 - Cover1
The NAFCU Journal March-April 2020 - Cover2
The NAFCU Journal March-April 2020 - 1
The NAFCU Journal March-April 2020 - 2
The NAFCU Journal March-April 2020 - 3
The NAFCU Journal March-April 2020 - 4
The NAFCU Journal March-April 2020 - 5
The NAFCU Journal March-April 2020 - 6
The NAFCU Journal March-April 2020 - 7
The NAFCU Journal March-April 2020 - 8
The NAFCU Journal March-April 2020 - 9
The NAFCU Journal March-April 2020 - 10
The NAFCU Journal March-April 2020 - 11
The NAFCU Journal March-April 2020 - 12
The NAFCU Journal March-April 2020 - 13
The NAFCU Journal March-April 2020 - 14
The NAFCU Journal March-April 2020 - 15
The NAFCU Journal March-April 2020 - 16
The NAFCU Journal March-April 2020 - 17
The NAFCU Journal March-April 2020 - 18
The NAFCU Journal March-April 2020 - 19
The NAFCU Journal March-April 2020 - 20
The NAFCU Journal March-April 2020 - 21
The NAFCU Journal March-April 2020 - 22
The NAFCU Journal March-April 2020 - 23
The NAFCU Journal March-April 2020 - 24
The NAFCU Journal March-April 2020 - 25
The NAFCU Journal March-April 2020 - 26
The NAFCU Journal March-April 2020 - 27
The NAFCU Journal March-April 2020 - 28
The NAFCU Journal March-April 2020 - 29
The NAFCU Journal March-April 2020 - 30
The NAFCU Journal March-April 2020 - 31
The NAFCU Journal March-April 2020 - 32
The NAFCU Journal March-April 2020 - 33
The NAFCU Journal March-April 2020 - 34
The NAFCU Journal March-April 2020 - 35
The NAFCU Journal March-April 2020 - 36
The NAFCU Journal March-April 2020 - 37
The NAFCU Journal March-April 2020 - 38
The NAFCU Journal March-April 2020 - 39
The NAFCU Journal March-April 2020 - 40
The NAFCU Journal March-April 2020 - Cover3
The NAFCU Journal March-April 2020 - Cover4
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