Mobile Access Is Key to PFM Use
With approximately 70 million possible tablet users by year end and 4.6 billion smartphones being used worldwide, it’s safe to say credit union members are mobile.
As credit unions begin to adapt and cope to the so-called post PC era, how will their mobile applications on smartphones and tablets affect how they service and market to nonmembers and existing members? How do credit unions adjust to third party applications?
This same challenge will begin to arise within the credit union industry. If members and potential members are not visiting your website, how will you inform, educate, and market to them? The solution is through a credit union mobile app that incorporates the PFM UI within the application. If credit unions redirect members to the URL homepage within the app, that can add extra unwanted steps for the potential or existing member to consider using.
There is the one million dollar question of whether or not credit unions should charge members for enrolling in the credit union’s PFM. If a credit union decides to charge a monthly subscription fee, they should be prepared to address the differences between other free PFMs. For instance, the online music company Pandora allows users to stream music for free over the Internet. The free service includes ads and commercial interruptions but if you pay for a subscription, those disappear.