It's an indisputable fact that we're living in a mobile era, but what might not be as obvious yet is that we're entering a mobile first era. Living in a mobile first era certainly doesn't mean all credit unions' members will ignore more traditional ways of banking, but what it does mean is that the majority of members will use the mobile platform for their banking needs the majority of the time.
How can credit unions prepare for a mobile first era? In short, it's time for credit unions to invest heavily in their mobile strategies. According to a recent Apptentive consumer survey, 69% of U.S. consumers actively use their credit unions' primary mobile app, and only 80% of credit unions in the U.S. have a mobile app. While this doesn't mean the remaining 20% of credit unions that don't have apps don't have a mobile strategy, it does indicate that mobile might not be as high of a priority as it should be.
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Design Mobile First
The key to an effective mobile strategy is to create convenience for the members while providing a superior experience. We recommend designing your credit union's website for mobile devices first, and then adapting for desktop use. Building for mobile first will help your credit union avoid the pitfalls of trying to make a website designed for a desktop easy to use on a mobile device. For example, buttons on a mobile site should be large and easy to click with one finger without having to zoom in, whereas desktop sites can support smaller buttons that are easily clickable with a mouse.
Understand Members' Mobile Expectations
When building a mobile website and/or app, credit unions need to understand what their members expect of mobile banking capabilities. According to a recent Apptentive consumer survey, people expect to have the ability to check balances, see charges, transfer money, view statements and pay bills on mobile devices. For credit unions that are looking to the future, members consider having spending analysis tools, budgeting tools, the ability to notify their credit union of upcoming travel, apply for new lines of credit, and freeze accounts as nice-to-have features in their credit union's mobile app.
Mobile Payment Technology
The mobile era is ushering in a wallet-free era. Mobile payment technology such as Apple Pay, and highly successful digital payment apps being introduced by companies such as Starbucks, are setting the scene for what's to come in mobile payments. Consider how your credit union can incorporate mobile payment options into your mobile strategy for your members' convenience. It's not hard to imagine a world where our smartphones are our wallets, and credit unions can play a big part in the transition.
Takeaways
To stay competitive in the mobile first era, focus on creating sites that are designed for mobile first, then adapted for desktop use. Incorporate the banking capabilities that members expect from their credit union's mobile site and apps. Finally, strategize on how to best capitalize on mobile payment technology.
The most important focus in any mobile strategy is figuring out how to provide convenience for the member, while simultaneously providing a superior experience. By adapting to a mobile world, credit unions will meet their members where they are, and support their on-the-go lifestyle.
Robi Ganguly is CEO and cofounder for Apptentive. He can be reached at 774-277-8368 or [email protected].
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