Three strategies for keeping them engaged.
By Chris Steffes
Sponsored by CU Solutions Group
According to Bank of America’s 2014 “Trends in Consumer Mobility Report,” almost half (47 percent) of consumers use mobile or online banking as a preferred method of transacting with their bank or credit union. The same study found that almost a third (31 percent) of mobile banking app users access mobile banking at least once a day. It’s clear that mobile banking is becoming more than just a transactional space for credit union members. Mobile is now a channel where members want to connect with, communicate with, learn about products and services, and transact with their credit union. As more people, especially Millennials (age 18-24) move closer to becoming mobile-only members, credit unions must shift their focus to deliver services and a great customer experience to where their members are – including on mobile. FICO surveyed Millennials, and found that those who frequently use their bank/credit union mobile app are more satisfied with their financial institution. To keep members engaged, credit unions should:
- Pick features that matter most to members. The FICO survey found that mobile users want more self-service features, such as remote deposit capture and photo bill-pay, but also wanted more interaction through alert messages, bill- or loan-pay reminders, and fraud alerts.
- Advertise through mobile. If your current mobile solution does not offer marketing tools to spread the word about your great products, how are mobile users going to learn about what you can offer them? Credit unions should make sure their mobile solution offers banner ads, pre- or post-login ad pages, location-based advertising, or secure messaging. Use these features to keep members informed about how you can help them.
- Understand the channel. Mobile banking is not a “once-and-done” launch, but rather a channel that requires becoming more knowledgeable about your members so you can serve them better. Conduct mobile and online banking member surveys; request a “mobile audit” from an expert or vendor; and track members’ mobile habits--which features they use most, how frequently they visit your site, how long they are in a mobile session. Doing these things will provide valuable information to help the credit union support the changing way in which members transact.
Mobile is all about member self-service, but it is also about being available to members when they need you. As mobile banking products continue to evolve to provide more convenient tools for members to engage with the credit union, including loan applications and account opening, branches will need to shift focus to serving mobile members. They can do this by monitoring and responding to member questions via secure messaging or secure chat. In addition, training and utilizing your customer-facing staff to monitor Twitter and Facebook posts will be critical to managing your brand and your mobile customers, as these members will voice their experiences, positive or negative, within these forums. How a credit union responds to social media speaks volumes about their level of customer care. A “no response” can be worse than a poor response. To determine who should manage the mobile channel, an initial staff assessment of quality writing and grammar is essential. Some training of staff will be required to learn how to craft professional and sensitive messages, as their words will reflect upon your credit union image.
Chris Steffes is remote services consultant for CU Solutions Group, Livonia, Mich. Also on this blog from CU Solutions: Responsive Website Pros and Pitfalls. Learn more about CUES School of Product and Channel Management, slated for April in Chicago.
