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Digital Digest: Tips on improving your members' mobile experiences

Complimentary webinar on May 17 highlights effective mobile strategies

April 19, 2016 -- Technology is evolving every single day. It probably comes as no surprise that mobile experiences continue to shape the breadth and scope of financial services relationships. Among other issues, credit unions (and other financial institutions) are facing what you could call the “fractured finance scenario.” Consumers have multiple financial relationships with more payment options than ever, which makes it increasingly difficult for a credit union to become a consumer’s primary financial institution.

Below are some details on why this is happening:

  • Mobile banking usage now exceeds online banking platform usage. (The Financial Brand, 2014)
  • Financial technology (FinTech) providers have designed user experiences to streamline opening accounts, establishing loans, moving money (i.e PayPal, Rocket Mortgage).
  • Digital payment solutions are moving toward a frictionless ecommerce experience through mobile devices (i.e. Visa Checkout, MasterPay, and the Apple Pay announcement to enable ecommerce payments during the holiday season).

It’s increasingly evident that much of the future health of credit unions, especially membership growth, depends on effective mobile strategies that meet consumers’ expectations. So what can credit unions do to improve their current mobile experiences? The following “to do” items are a good starting point.

Complimentary webinar: Capture your share of millennial consumers with automated account switching

According to a recent article by the Credit Union Times, nearly 40% of millennials plan to switch financial institutions in the next 12 months. Learn how mobile strategies can help your credit union capture your share of these consumers.

Date: May 17
Time: 2:00 – 3:00 p.m. ET
 

Register Here
  • We should evaluate our existing mobile offerings and the experiences they provide, such as the processes to become a new member and open an account.
    • Are there questions within the workflow that create inefficiencies in onboarding the account?
    • How does the existing user interface render within a mobile user experience?
    • How is the credit union minimizing data friction that leads to abandonment?
  • We should monitor activity to understand digital traits and establish digital personas.
    • How is the credit union targeting members with offers for additional products in the digital channels (i.e. cross selling)?
    • Does the credit union have an established process for continual engagement within digital channels (retention)?

As technology continues to evolve (and it’s not slowing down anytime soon), it’s up to us to keep pace with the changes and provide members with the mobile experiences they both need and expect.