Implementing on-the-go banking can serve your members--and your CU.
By Brooke Strohman
Sponsored by Transamerica Group
Have you ever left home without your phone? The fact that it is normally in use makes that hard to do, but when it happens, do you feel an overwhelming rush to turn around and go get it? Mobile devices, including smartphones, have become a staple in everyday activities. According to Flurry Analytics, in 2014, overall app usage grew by 76 percent and time spent on mobile devices grew by 9.3 percent. In fact, last year the average person spent almost three hours a day on their mobile device. Where years past have seen massive growth in games and entertainment, according to Flurry, 2014 was the year apps got down to serious business. The biggest increase in usage was for utilities and productivity apps. These apps help keep lives organized; they help with on-the-go shopping, working, and communication. This confirms that phones and tablets have become indispensable devices that help us work and keep our lives organized. So, out of those three hours a day, how much time did you connect with your members and prospective borrowers via mobile devices? Mobile functionality and communication represent a huge opportunity for credit unions. According to a survey by GoBankingRates, the second most important banking feature among financial institution seekers is the bells and whistles that come with online and mobile banking. The survey also revealed that the younger the seeker, the more important mobility is, concluding that 22.8 percent of respondents between the ages of 18 and 24 said they find online and mobile banking features most important. There are a million things going on every day, and more consumers are using mobile devices for almost every daily task, including finances and mobile banking. This new mobile front door to your credit union allows you to help make your members’ lives easier. Implementing virtual lending and banking can honor your organizational vision as well as the needs, preferences and buying behavior of prospective members. We are only six years into the mobile revolution, and there are numerous opportunities for you to engage consumers and drive them to have a mobile financial relationship with you. The mobile economy is continuously growing and allows you to design creative techniques to keep your members coming back for more.
Brooke Strohman is VP/client management and technology services for CUES Supplier member Transamerica – Financial Solutions Group, which can help you provide the personal member-centric experience previous generations of members have praised, fused with the technological innovations the younger generation craves. Our dedicated and experienced team of professionals delivers optimal solutions to businesses by valuing the organization’s vision as well as their members’ needs, preferences, and buying behavior. Reach Strohman at 800.365.4925. CUES School of Product and Channel Management will be held in April in Chicago.
