While members may not be asking their favorite teller about your mobile wallet offerings yet, this may not be too far in the future for many financial institutions. In a recent whitepaper by Carlisle & Gallagher Consulting Group, Mobile Wallet: Reality Check: How Will You Stay Top of Wallet, the following recommendations for financial institutions to avoid losing out to the latest payment technologies are offered.
Build Flexibility to React to Future Change
Make sure you are getting the most from your core processing platform, and that it allows for streamlined integration of the latest products and services.
Build, Buy or Partner to Have the Shopping Features Members Want
Understand that the mobile wallet will become a desired offering for high-tech users. Research your options to find the most efficient way to provide this offering to your members.
Recognize the Tools Available to Your Members and Strategize Ways to Stay Top of Wallet
What product offerings could you add to make sure your card stays at the top of the electronic “stack”? Whether it is a rewards program or lack of fees, defining your advantages can help your credit union remain top of wallet in a mobile wallet environment.
Align Segmentation Strategies with Consumer Behaviors
Consider how different consumers want to use payment products, and use target marketing to promote the right product to the right member. Carlisle & Gallagher note that focusing on behavior segmentation like shopping and social experience can result in better service – and product penetration.