MAY - 20208Digital transformation has brought with it dramatic change in how people interact with businesses. This is especially true in the financial services industry--the way our financial institutions work with us is evolving quickly, and so is the way we pay for goods and services. For one, banks and some credit unions are already offering real-time peer-to-peer (P2P) payment capabilities through the Zelle platform. Zelle allows customers to send and receive money securely and quickly, typically within minutes. The response has been overwhelming. Since introducing Zelle last year, for example, First Tech Federal Credit Union has registered more than 30,000 users. The credit union currently sees more than $7 million move through Zelle every month, an amount that is growing steadily. With a membership of tech-savvy users representing some of the world's leading technology companies, First Tech is on the front lines of anticipating and meeting its members' high expectations for innovation.P2P payment was a feature that First Tech members asked for--and a big advantage of Zelle over a third-party service is that it preserves users' relationship to their financial institution. And P2P is not the only trend gaining momentum in the financial services industry. Other emerging developments include: · Contactless transactions--paying for goods and services using your smartphone rather than a bank card. · Cardless cash--being able to get cash at an ATM with just your mobile app rather than having to use a card. · Digital provisioning--using the functions of a newly issued card digitally and immediately, instead of waiting for the physical card to arrive in the mail. By Terry Rodrick, VP of Cards & Payments, First Tech Federal Credit UnionFinancial Services Keep Pace with Consumer Expectations through InnovationTerry RodrickMY OPINIONIN
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