Mobile Banking Has Become a Must-Have for CU Survival
Slowly but surely, mobile banking is living up to its hype as the next must-have thing that credit unions need to survive.
Industry players generally agree that 2010 was a year in which mobile banking was front and center. It was year that saw the explosion of iPhone and Android apps, the "triple play" of choosing between downloadable app, SMS and browser-based options often becoming no choice but to offer all three, and last but not least, the splashy debut of iPads and the tablets that follow.
Support issues for downloadable apps also present a problem, Marshall said, adding that his company now offers only SMS and browser-based mobile banking. "I'm putting my neck out a bit, but I'd say, especially in the Android world, if there are 60 different devices, the run-time experience for any app is going to be different for all 60 of them, and we're not going to be able to solve all 60 problems at the same time," the product development director said.
"Our clients cannot afford to take support calls from their members about it," he added. "The last thing their reps need are technical questions about why some button doesn't work on their phone."
"They're looking for who else is already doing that, whatever that is, and balancing their backroom experience vs. their member experience. I think historically that's because credit unions feel a need to own the product in order to control it, and bringing all that ownership inside the credit union walls makes it a little more difficult to get the product to market as part of the member experience," Valentino said.
She added that FIS is now seeing a shift from that attitude, pointing to Internet bill pay as an example of "where you don't have to have the infrastructure inside your four walls to maintain control."