3 Challenges for Mobile Strategies
When it comes to implementing a mobile strategy, Steve Hoke wants credit unions to think about three challenges.
Hoke is the product leader for CUNA Mutual Group’s AskAuto, a downloadable app that allows members to scan a vehicle identification number to learn basic vehicle information such as the average retail cost of the new or used vehicle and EPA mileage estimates, according to the company.
The app then saves this information along with the member’s notes and ranking preferences to allow for a comparison between vehicles before deciding to purchase. Once a decision is reached, the member can also submit a credit union loan application through AskAuto.
Hoke said the first challenge to implementing a mobile strategy is time. It’s the biggest obstacle for credit unions wanting to start or increase their mobile presence, he noted.
Credit unions should take their time to see what mobile channels their members are using as one way to determine what products and services to roll out and when, Hoke offered.
The second challenge to implementing a mobile strategy is risk, Hoke said. Meaning, not going all in with a mobile marketing presence.
“The risk is members will move or switch to a different financial institution if you don't have the right tools,” Hoke said, adding credit unions should think about being mobile in everything they do.
The final challenge is prioritizing what's most mobile-important to members. Hoke asked credit unions to consider three factors:
1. Mobile banking channel platform: Get this mobile foundation set before you do anything else.
2. Lending channel: This is a great revenue driver for your mobile marketing.
3. Engagement of members: What is the mobile angle of what you do? Members are already there so engage with them.
Learn more about Hoke’s take on credit unions’ efforts in implementing a mobile strategy in CUNA Mutual’s Digital Lab, in the video above.