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CUWCS11: Jeff Russell and The Future of Payments

Carla DayComment

My speaker was Jeff Russell. Jeff is the CEO of TMG Financial Services and Chief Strategy Officer for Affiliates Management Company. At the Symposium, he provided an overview of this new landscape and what it means for credit unions. Jeff shared his thinking on how credit unions can remain relevant in their members’ payment lives as the world changes in the coming years. In his words:

"The days of offering a simple checking account to your members are long gone. So are the days of posting marketing flyers in your sponsor’s break room and hoping the HR people sign up members. Credit unions compete with the most sophisticated financial services companies on the planet. In this competitive marketplace, members want a variety of payment options, including access from multiple channels and devices. They expect integration, not only with your product offerings but with outside entities like Facebook, Twitter and independent Personal Financial Management (PFM) websites. Plus, with new players emerging in the payments arena with names like Google, Verizon and Apple, the focus on innovation is as important as ever."