WEST PALM BEACH, Fla. -
For trade associations, corporate credit unions and CUSOs, mergers will occur to meet credit union expectations and economies of scale.
* Outsourcing of ATM processing will become common, just as it is for check processing.
* Teller counters will resemble airline ticket counters with most members using self-help ATM Kiosks.
* POS volume will exceed check volume by five to seven times. Checks will continue to decline at 8%-10% per year. DDA will remain the key account, and there will be little adoption of biometrics.
* Card fraud will be reduced due to better technology and more PIN POS use.
* Fee income will represent more than 80% of ROA for most credit unions. Card interchange may be reduced by as much as 50%.
-Stan Hollen, CEO, The CO-OP Network, Ontario, Calif.
Providing convenience today is a challenge, but by 2017 credit unions will be the recognized leaders in providing access to consumer accounts. Members will have access to 8,000 shared branches and 30,000 kiosks capable of doing complex transactions. Members will make deposits from home using simple scanners, and move money and pay bills from their credit union accounts using cell phones. As they say, "necessity is the mother of invention" and today CUs need ways to overcome their lack of brick and mortar. They will do it by working together and thinking outside the box-or should I say-ATM/branch?
-Sarah Canepa-Bang, CEO, Financial Service Centers