The financial services industry — typically risk-averse when itcomes to adopting new technologies — has embraced mobiletechnology.

In my experience, the initial mobility related efforts atfinancial institutions, especially at credit unions, have beenfocused on creating customer/member facing apps. Beyond that,there has been a lack of focus and consistency in the mobilerelated efforts. This has resulted in what I consider to bethe “WildWest of App Development.”

This “Wild West” phenomenon is fueled by some interestingdynamics related to the mobile space:

  • Lack of a coordinated app roadmap across theenterprise. Companies have spent significant timeand energy on improving their IT readiness to support mobile needs.However, in most cases they are lacking a clear, coordinatedroadmap of apps that will support the business drivers of theorganization. In the absence of such a roadmap, every idea that canget funded is being developed as an app. This lack of a holisticenterprise view also results in efforts that end up buildingoverlapping solutions as well as poorly conceived pointsolutions.
  • Building apps is the most visible part of a mobilestrategy. If you want to show progress related toyour mobile adoption, building apps tends to be the most visibleaspect. Before you know it, you have numerous apps popping upwithin the enterprise.
  • Your creative agency is driving your mobilestrategy. Without the experience of creating mobilestrategies, agencies are falling back on their experience as onlinedesigners and trying to offer app development solutions. The endresult: there is an app for everything. Unfortunately theenterprise pays for it and many of them would never have been builtif the time to optimize the portfolio was put in place and thebusiness had looked past the hype.

With these dynamics at play, many credit unions are alreadydealing with the “Wild West” scenario. For these companies, I offerthe following key considerations:

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