Watching the evolution of mobile payment technology was difficult for David Aroujo, VI IT at Digital Credit Union (DCU). To stay current, he wanted to see how mobile transactions might work, and therefore looked at Apple Pay, Samsung Pay, Android Pay, and CU Wallet.
Although it didn’t use any specific tools, the credit union used monthly reporting data on all of the channels. Some of the approaches included person to person (P2P), balance transfers, CU Wallet deployment, and offering the ability to pay non-DCU loans. Money movement needed to be easy as possible; mobile payments were simply an extension. The end goal was to create a digital, engaging mobile payments solution that helped DCU stay ahead of its membership. Members have said there is tremendous value added because it allows them to transact in much simpler ways.
Ultimately the credit union found that as it gets members into the DCU digital world, they can constantly evolve and improve the experience by injecting new technology along the way. Each time, it seems like members adopt the new technology faster. The key was to be the first to enroll and begin moving them down the path!
DCU uses the Carver board governance model. The DCU board receives monthly updates, which cover DCU’s innovation and leading edge parts, experiments, and results. No board approvals were necessary to advance the digital strategy.
Looking forward, introducing a DCU Pay (at the merchant level) is next. DCU wants to go to market using Level Up to enable ordering ahead on both the Android and iOS platforms. When asked what he would share with other credit unions, Aroujo said, “try and keep current.”
Wanna learn how you can incorporate mobile transactions like DCU?
get Credit Union 2.0!