| | JUNE 20198CIOReviewIN MYOPINIONAs is the case with most anything touched by technology today, the payment and card space is in a state of constant, accelerated change. At Credit Union of America (CUA) the unyielding goal is to provide the highest possible level of service and the best possible experience to our membership. The combination of the rapid change in payments and cards and our service-centric culture presents several unique challenges. Among these challenges are keeping pace with industry and technology trends, maintaining a safe and compliant environment that both dissuades and prevents fraud, and continued growth through adoption of new service and attraction of new members while maintaining a high level of personalized service. We've all experienced the influence of Amazon and Apple; we've seen first-hand the evolution of consumer expectations. We are now doing business in a world where instant gratification is a requirement. These consumer expectations have found their way from consumer goods into the financial arena, with the advent of products such as five-minute mortgage approvals and two-minute checking accounts.Countless financial start-ups achieved great success by focusing on simplifying, expediting, or improving upon offerings from the traditional financial giants. The proverbial needle has been moved; today's credit union member is not tolerant of or familiar with things such as delayed funds availability. Instead, the expectation is that funds will arrive at their intended destination instantaneously whether it's a check deposit, an ACH transfer, or a "deposit" from PayPal or Venmo.Credit Union of America has adapted to this new environment, providing our members with access to various payment methods. To do so, CUA has adopted technologies like remote check deposit, person-to-person and account-to-account transactions, Apple and Google Pay, etc. Like many other financial institutions, CUA relies on partnerships with third party vendors to provide these technologies to our members.The careful selection of these vendors is crucial to our ability to provide services that keep pace with industry trends. As the envelope continues to expand in terms of how quickly and effortlessly payments can be made, and from myriad devices over various channels, the potential for fraudulent activity has expanded with it. The focus on speed and convenience has resulted in an environment wrought with trouble and the potential for fraud is higher today than ever before. Detection and prevention of fraud has become more difficult and more important as funds have continued to move MAINTAINING RELEVANCY IN PAYMENT/CARD ENVIRONMENTSBy Dan Umscheid, Vice President ­ Support Services, Credit Union of AmericaDan Umscheid
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