ARLINGTON, Va. — NAFCU reported Tuesday that technology is near the forefront of credit unions' minds as they consider their members' technological savvy and create plans to comply with EMV tech requirements by 2015, according to the association's
One-fourth of credit union respondents described their members as "above average" or extremely proficient regarding knowledge of new technology. When evaluating themselves, almost half of respondents said they were also above average or "very high" on the technological competitiveness scale and more than half said they plan to be at that level within five years.
"Technology is advancing on the credit union landscape at a quickening pace," the report said. "Whether it is responding to competition or to demand from tech-savvy members, credit unions are ratcheting up their offerings of products and services on the cutting edge of technology."
The most common new product offering respondents said they were focusing on was the EMV, or Europay, Mastercard and Visa, cards, which are scheduled to replace magnetic stripe cards. Liability for fraud will shift to issuers and merchants who don't offer EMV cards or terminals in October 2015.
That's a "strong motivator" for many of the 70% of respondents already planning to offer the new cards, according to NAFCU. Nearly 80% of those in the planning stages to offer EMV cards said they expect to be ready for the deadline in 2015.
Most credit unions have already taken advantage of new technology currently available - specifically social networking sites and mobile banking apps, which 68% and 81% of respondents, respectively, already offer their members. And more than three-quarters (76%) reported they offer their members dedicated mobile websites.
