Opinions

With branches closed and fewer opportunities for credit unions to have in-person interactions with members, the pandemic has reiterated the need for digital transformation in the industry.

The trend toward cashless is inevitable, and could be accelerated by current events. But a gradual transition is key to avoid alienating those people who depend on cash as their primary payment method.

New features and improvements often take a back seat to security, says Entersekt's Claudius van der Meulen.

Digital payment firms and fintechs are nimble and responsive, but that also creates web supply chain attack risk, says Jscrambler's Rui Ribeiro.

When a business accidentally pays an invoice early, due to inaccurate due dates, a change to the delivery date or some other issue, everything changes, says Celonis' Southard Jones.

Leveraging AI and machine learning can help credit unions focus on doing what they do best: forging connections with members.

The standard is playing a foundational role for banks in the transformation of their infrastructures, with the rich messaging format delivering business benefits and enabling enhanced customer propositions, says Icon Solutions' Lauren Jones.

By embracing technology such as magnetic stripe when it seemed modern, the U.S. has been slower to catch up with much newer digital innovation, argues MSTS' Brandon Spear.

Targeted marketing efforts must go beyond explaining the functionality and instead educate consumers about all benefits that contactless can offer. Responsible communication should prioritize those who are at the highest risk for infection, says The Futurist Group's Demitry Estrin.

While financial institutions are encouraging customers to use their digital banking services rather than the branch or ATMs during the outbreak, attackers will also be looking to exploit this potential increased adoption of mobile banking and mobile payment apps, says OneSpan's Sam Bakken.