ATLANTIC CITY, N.J. – Consumers are looking for both personalization and ease when it comes to their transactions. They want automation for quick and easy access, but they also want to feel like the processes are personalized to them. Personalization equals trust, said Sundeep Kapur, chair of Digital Advisory Strategy Council, during his session on Wednesday.
Sundeep Kapur discusses the importance of keeping up with the ever-evolving payment ecosystem.
Kapur then delved into transforming branches and transactions to meet these needs. He gave the example of a Bank of America person-less branch, where any consumer, regardless of whether they have a Bank of America account or not, can access funds easily.
Wells Fargo is also ahead of the game, he pointed out. At its 13,000 ATMs, consumers will soon be able to withdraw money with their smartphones, surcharge-free.
Credit unions must figure out how to play successfully in the field of emerging and evolving payment technology, he said. With the payment ecosystem evolving, with PayPal, mobile payment apps, and others, credit unions must look at merchant data. Credit unions should see where and how their members are shopping and spending money. That way they can build a strategy on how to communicate effectively with their members.
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