All Things Payments

Why All Things Payments?

Encompassing all the ways people move and manage their money, payments sits at the heart of people’s everyday financial practices. As such, payments is an essential touchpoint between consumers and financial services providers, and it has become a hot site of competition for consumer relationships, deposits, and data—and a real driver of growth for credit unions. With new technologies, consumer behaviors, as well as new risks and regulatory developments, payments continue to undergo dramatic transformations.

Understanding emerging payments trends—how to optimize opportunities for growth and how to navigate new risks—is critical for the future of credit union competitive differentiation, member experience, technology decisions, and financial sustainability.

Filene seeks to help credit unions to be at the forefront of payments and top of mind for consumers when it comes to how they move their money.

Solution: Filene's New Center for All Things Payments

Bringing a multi-dimensional approach, this new center will help credit unions navigate the quickly changing payments space, allowing them to identify the needs and expectations of consumers, get ahead of evolving technology and regulation, and develop data-driven products and services that bring sustained growth to the credit union.

Key Objectives:

1. Understand how cutting-edge innovations in payments such as real-time payments, stablecoin, and open banking are shaping consumer expectations
2. Understand consumer priorities in different payments services (P2P, BNPL, credit cards, debit cards, etc.) to guide credit unions' investment decisions in payments features (e.g., speed, security, rewards)
3. Understand the evolving and expanding strategies of payments providers and its impact on credit unions in the overall financial services landscape
4. Explore how credit unions can leverage payment data to create personalized, value-added services that enhance member loyalty and drive growth
5. Explore potential pathways for generating new revenue streams for payments
6. Understand the implications of new payments technologies on existing core systems and what credit unions can do to future proof their technology stacks
7. Identify the most effective approaches to mitigate fraud risks while maintaining seamless payment experiences in an increasingly digital ecosystem

Next Steps

As you can imagine, this is a highly anticipated research center for many credit unions who are trying to navigate the quickly changing payments landscape. In fact, our waiting list for sponsors of this new project is filling up fast, click here to fill out a quick interest form to get started.