Having an online and mobile presence is no longer enough. The evolution of financial services involves enabling a digital member community, which increasingly demand more personalized and efficient services.

A 2016 Javelin study predicts that 80% of consumers will be using mobile banking by 2020. "So, a strong foundation has a strong mobile app as evidenced by app store ratings, member feedback and engagement rates," Kristen Bernard, senior director at NCR Digital Insight, said. She added, when credit unions make it easy for their members to access information and make informed decisions, the engagement with the member via the digital channels increases.

A recent report from Atlanta-based FI Navigator, published with Boston-based Celent, found almost 6,500 financial institutions offered mobile banking. In addition, mobile deposit has evolved to having 63% implementation, and bill pay is available at almost 90% of financial institutions.

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Roy Urrico

Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).