Apps Boost Auto & Biz Lending
From shopping for a car to offering small businesses the capability to accept payments on the go, credit unions and CUSOs continue to try and stay a step ahead in the mobile sector to keep up with members who value around-the-clock convenience.
From all indications, smartphone usage won’t slow down any time soon. In 2008, there were 7.4 million mobile banking users, according to the Forrester Research Mobile Banking Forecast, 2012-2017. That figure has soared to 61.1 million this year. By 2017, it is forecast to be 108.3 million.
Through October, members have downloaded more than 1,700 AskAuto apps at the iTunes store and at Google’s Play store, Hoke said. More than 1,400 VINs have been decoded, 5,100 messages have been sent by members to credit unions from dealer lots and resulting in 75 loan applications, he added.
“Part of what we had to tell staff internally is you can’t just measure through loans generated through AskAuto. We’re trying to help reinforce the dealer relationship,” Hoke explained. “The message to members is go into the dealer, ask for ‘Mike’ in the financing department but the loan is coming back to the credit union.”