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When credit unions were first established, phrases like online banking, mobile banking, mobile remote deposit capture, and Person-2-Person (P2P) would have sounded crazy. In fact, that talk may have gotten you laughed out of a room, but today, if you are lacking these product offerings, you won’t even register on the minds of Gen Yers like me. In 2014, even more changes are coming about to make getting our attention even more challenging.
In a recent article posted in the Credit Union Times, 5 Mobile Banking Trends to watch in 2014, tech experts gave their take on what credit unions should expect to in the New Year. In this article, I will highlight what they had to say, and what it means to me as a Gen Y member.
According to Doug Brown, a senior Vice President at FIS, there is a strong chance that mobile banking will eclipse online banking in terms of users. For credit unions, this means that staying on top of your mobile app’s ability and functionality is a must. If we can’t get the most bang for our buck out of your app, we will find a place that gives us what we want.
If you are wondering how mobile banking is continuing to change and grow, one thing to thank is the ever-improving smartphone camera. According to Robb Gaynor, Chief Technology Officer at Malauzai, it is because of the improved camera that allows for the popular mobile remote deposit capture (MRDC) and bill pay by snapping a picture of it. These clearer cameras are allowing MDRC to grow in popularity with consumers. I know I find that it’s convenient to take a photo of my check to deposit it, rather than waste time and gas driving to a branch to do so!
The next move for financial institutions is to create a “digital wallet”. Paul Fiore, founder of CU Wallet, said “2014 will be the year of the digital wallet for financial institutions. For consumers, it will be 2015”. What this means, is that credit unions and banks nationwide will be working hard to develop a working digital wallet payments tool that will keep my generation satisfied, allowing payments to be made without ever opening our wallets and pulling out plastic.
If we are putting all of our information on our phones, how can we possibly hope to protect it? The thought is this: biometrics. According to Jay McLaughlin, Chief Security Officer at Q2, thanks to Apple introducing the fingerprint reader, it is “cool” not annoying. The idea is that “something I am” will become a part of the log-in process, which will go along with “something I have and something I know” says McLaughlin. This will certainly be a trend to stay current on, because the fastest way to convince people that your product is worth their time, is proving that it is as secure as it can be.
Now, this mobile banking is not just a trend to scoff at, along with the convenience comes competition that would never have been imagined even 20 years ago: digital only and non banks. According to Brown, these digital banks will grow faster than traditional institutions have grown. These banks are not being predicted (yet) to eclipse the traditional financial institutions, but those that can’t or won’t compete in the digital world should worry. Gen Y is speaking, they want technology, and technology is what they are going to get.
To learn more about mobile banking, and what your credit union can do to get your members up-to-date on your product offerings, check out Synergent’s Financial Tools video featuring Mobile Banking. It’s all about what your members know, learn how to educate them on all the benefits that mobile banking can bring to the table.
Katy Robinson
Corporate Marketing & Communications Assistant
Synergent
