On the whole, credit unions have done a good job of investing in mobile capabilities to provide members with access to a full suite of services. Much attention has been given to ensuring consistency among all channels, ensuring that existing members can easily conduct their banking business via their mobile device just as they would online or in a branch. When it comes to the overall mobile experience, however, credit unions should look to the example that retailers have provided in how to both serve existing customers and gain new ones.

It is estimated that annually, $1.8 trillion in retail banking assets switch from one financial institution to another, and increasingly, this battleground for new member acquisition is taking place via the mobile channel. As a group, the rising number of millennials that are entering the workforce and establishing banking relationships demonstrate a mobile-first preference in selecting and working with service providers (and this includes financial services).

Increasingly, prospective members are researching and selecting their financial services providers via their mobile device, yet a recent Celent report, “A Misanthrope’s Journey: Assessing the U.S. Online Account Opening Experience,” found that only 20% of the top U.S. banks are currently offering mobile-optimized new account opening.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.