3 minutes
Providing access to financial services from a mobile device is increasingly critical in attracting new credit union members. According to a new Pew Internet & American Life Project survey, 63 percent of adult smartphone owners now use their phones to go online, and 34 percent of this group say they usually choose their smartphone over their computer for this task.
When financial institution websites are not optimized for smartphone use, they end up missing out on the huge millennial demographic. One in six Millennials now say they are likely to seek a new financial provider because of a poor mobile experience. If credit unions do not innovate through mobile offerings, both members and new customers may go elsewhere.
Do you know for certain that your credit union’s website is optimized for mobile devices? Make sure to visit your website from your smartphone to see what your members experience.
Mobile-optimized sites allow smartphone users to shop and browse, in an optimal manner, wherever, whenever they want. With mobile media consumption now outpacing all other means for per day average usage, including TV, PC and the rest, more and more major purchases, such as buying a new car and applying for its financing, are being done on mobile devices. For example, 63 percent of auto shoppers researched and shopped online using their mobile device while at a dealership.
In addition to mobile optimized websites, apps are a primary means of researching and making a major purchase on a smartphone. In fact, smartphone users report spending 80 percent of their mobile time in apps.
In January 2014, apps made up 47 percent of Internet traffic and 8 percent of traffic came from mobile browsers, according to a study by Enders Analysis. In comparison, personal computers clocked in at 45 percent. Although total Internet usage on mobile devices has previously exceeded that on PCs, this marks the first time it's happened for app usage alone.
One such app helping credit union members research and shop for a car, is the AskAuto® app available to credit unions through CUNA Mutual Group. With the AskAuto app, your members can scan the vehicle identification number of cars they are interested in to get helpful information, including the average retail cost and EPA mileage estimates. This can all be accomplished while still on the dealer’s lot. The application saves the information along with notes and ranking preferences to allow for an easy comparison between vehicles. And when buyers choose a car, they can also apply for a loan from their credit union directly through the app.
The AskAuto app is an example of a tool that can help raise your credit union above the fray and attract new members in engaging ways, while delivering on the new member expectation of a mobile mindset.
For more information about the AskAuto app or other CUNA Mutual Group Lending Products, please contact your sales executive at 1.800.356.2644.
Steve Hoke is director of loan growth products at CUES Supplier member CUNA Mutual Group, Madison, Wis.
CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Life, accident, health and annuity insurance products are issued by CMFG Life Insurance Company. © CUNA Mutual Group 2014. All Rights Reserved
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