Offering a consistent and personal experience across devices will increase CUs’ appeal.
By Stephen Bohanon
A Google study titled, “The New Multi-screen World: Understanding Cross-platform Consumer Behavior,” reported that “we are a nation of multi-screeners,” where the large majority (90 percent) of our media interactions are screen based. The report also indicated that consumers tend to either move from device to device or use multiple devices at the same time, moving seamlessly between them throughout the day. Managing finances is a top activity performed when consumers are sequentially screening between devices, according to the study. In fact, smartphones tend to be the most common starting place for banking activities (59 percent). Fifty-six percent then continue on through a PC or laptop, followed by 3 percent on a tablet. It is clear consumers are quickly changing the way they bank. According to Pew Research, device ownership continues to evolve with smartphones and tablets gaining. As of January 2014, over half (58 percent) of American adults owned a smartphone and 42 percent owned a tablet. Meanwhile, “dumb” phones are declining. Consequently, device usage is also evolving. Pew Research found that website visits through tablets and smartphones each increased by 50 percent in just one year. Financial institutions, including credit unions must provide multiple digital channels to meet consumers’ expectations. But it doesn’t stop there – consistency across those channels is what’s key. With disjointed and varying platforms, credit unions are challenged in providing a seamless and user-friendly digital banking experience that aligns with multi-screeners’ behaviors and lifestyles. With a single digital banking platform, however, credit unions can successfully provide members with a seamless, consistent experience regardless of their preferred device – or devices. Unfortunately, it’s common for institutions to implement different vendors’ solutions, for instance, a personal finance management from one vendor and a bill-pay solution from another. In addition to delivering an inconsistent experience to the member, such a fragmented approach also makes it impossible for credit unions to achieve a simple, complete view of a member’s history and interactions. Member support is also strengthened with a single platform and a 360 view of a member’s history.When members do their banking using disparate channels, it becomes virtually impossible for call center representatives to access a complete, full activity history of a member's desktop, mobile and tablet usage. This can be a significant hurdle—and damaging to member satisfaction. In addition, having a single digital banking platform streamlines a credit union’s ability to provide relevant marketing offers based on member behavior. CUs can target and tag content, linking similar products and services so that when a member views an offer tagged under a certain product category, similar product offers will be made viewable. Additionally, the behavior of one member can be used to target other members with a similar demographic profile. As “multi-screeners” change the way we bank, credit unions must deliver a consistent user experience across desktop/laptop, mobile and tablet. Failure to do so will result in poor member service, forcing members to look elsewhere for their financial needs. Credit unions that ignore evolving consumer behaviors will certainly miss opportunities.
Stephen Bohanon is founder and chief strategy and sales officer of Alkami Technology Inc., a provider of digital banking solutions. For more information on Alkami, call 877.725.5264 or email info@alkamitech.com. Also read "Delivering a Total Member Experience" from Credit Union Management magazine.
