“I gotta have more mobile.” That was the bellwether call from CEOs who responded to a survey heading into Fiserv’s annual credit union confab recently in Orlando, FL.
Fully 82% of the 89 respondents cite “an expanded mobile footprint” as important to reaching millennials. Only half cite a “strong social media presence,” perhaps indicative of the aging population of Facebook users?
Meanwhile, just more than half of the CEOs told the tech giant that mobile bill pay and person-to-person payments are top priorities at their credit unions in the coming months.
“And given the impending release of Apple Pay and payment data tokenization at the point of sale and in mobile commerce, we expect to see even greater interest in mobile payments in future surveys,” Mark Atchison, Fiserv’s director of credit union portfolio management, told creditunions.com when asked about the results announced Oct. 8.
Speaking of data tokenization, its competitor (or partner, depending on how you look at it) in consumer data security could be seen as somewhat lacking in attention from the brass. Strategic plans for moving to EMV chips on cards in the next year, year-and-a-half are in place at only 37% of the CEOs polled, Fiserv says. That’s with the liability shift deadline now but a year away.
Back to mobile. On the marketing side, only 22% of the respondents say they’re “engaging their technology provider or other resources to help create an adoption strategy,” the Fiserv announcement says, although 61% of the 89 respondents say they’re working on creating a strong marketing focus.
“Attracting new members, especially Gen Y, remains a key focus for our credit union clients,” Atchison says.
The survey also found that the kids have been invited to the grownups’ table at some credit unions: Fourteen percent of the 89 respondents say they’ve added a millennial to their board of directors. (That’s somewhere between an even dozen and a baker’s dozen.)
In our “Young Adults” theme week beginning Oct. 27, creditunions.com will look in-depth at how several successful credit unions engage that group across the product/services menu.