The Evolution Of Deposits And Payments

Five can't-miss data points featured this week on CreditUnions.com.

 
 

This week, CreditUnions.com looks at payments and more.

Here are five data points you can't miss:

$450,000

Ascentra Credit Union rolled out EMV-armed plastic earlier this year, but the cost of the new chip cards prompted Ascentra to review, then revamp, its payment processes. It then used those revamped processes when it mass issued its debit cards in February and its credit cards in May.

According to the credit union, Ascentra plans to save approximately $450,000 a year over the next seven years through new contracts with its core and card processors and other suppliers of technology platforms it plans to deploy this year, or more than $3 million over the life of the contracts.

See the specifics in "How Ascentra Saved Big Deploying EMV."

90%

By July 2015, Alliant Credit Union had 2,225 accounts enrolled in Apple Pay. An early adapter, Alliant learned some lessons during the rollout.

When Alliant was about to launch credit card support for Apple Pay, it realized a contract disclosure required the credit union to take 90% of its card portfolio live at the same time. That meant the credit union had to launch both credit and debit cards at the same time.

Learn more about Alliant's payments strategy, as well as the strategy of others, in "5 Credit Unions Share How To Onboard EMV, Apple Pay, And RDC."

Six Figures

That's the estimated cost of mass reissuing more than 20,000 credit and debit cards to comply with the EMV liability shift, according to Listerhill Credit Union CFO Clay Morgan.

In "An Argument For Waiting To Deploy EMV," Morgan and Listerhill's vice president of payments, Angie Rutherford, discuss what it was like to have to comply with new security standards so soon after a core conversion, why Listerhill decided against mass reissuing debit cards, and why Morgan wishes the credit union hadn't mass reissued credit cards either.

70%

Despite the growing popularity of online account opening, in-branch account openings still represent about 70% of new accounts at Michigan State University Federal Credit Union.

Still, member-facing online account opening is only available through the website. That means members must currently go online through all devices, but the credit union’s in-house development team is working on the custom code needed to add account opening functionality to MSUFCU’s mobile apps. 

Learn more in "Don't Just Onboard, E-Board."

Three-Fourths

More than three-fourths of respondents from Callahan's Non-Interest Income Survey offer credit and prepaid card rewards. That's compared to the roughly one-third that offer debit card rewards. Reward programs are a tool to drive usage, and credit unions that offer reward programs tend to have higher non-interest income.

For more findings, check out "4 Graphs About Non-Interest Income." 

 
 

Sept. 12, 2016


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