Members & Mobile

Mobile has become the primary channel for members to check in on their finances. It’s the most convenient way for a member to view their balance, transfer funds, review their history, pay a bill, etc. A process that used to involve sitting at a computer, launching a URL, logging in, and clicking through numerous menus, now literally takes seconds in the palm of your hand. More than ever, credit unions need to stay on top of mobile technology. It’s not at all unusual to hear of members either leaving, or refusing to join a specific credit union, simply due to the fact that they didn’t have a specific mobile feature.

Mobile right now is generating the most buzz. Members don’t go to a branch unless they have to. The more they can do through mobile, the better.  There are people who have never logged into online banking because they would rather use mobile banking on their phones.

In the marketspace, it’s apparent with Apple Pay. You always have a phone in your pocket. You can do your banking at midnight, on a bus, on the beach. It’s portable and if you have phone service, you can access your account from anywhere. The numbers don’t lie. Mobile transactions are increasing at a fast pace, and that trend will only continue.

What is the best way for credit unions to inform members of mobile services?

  • Word of mouth, messages through online banking or on transaction receipts, statement messages, lobby signage, or even a mini workshop to educate members, are all great ways to promote the use of mobile banking.
  • In all likelihood, a mobile-savvy member will know that your credit union has new mobile services before you even have a chance to tell them. It’s the members who are not as savvy with mobile who are the most critical to reach. I’ve personally shown many members in my travels how to use various mobile services, and once they make the plunge, they are very unlikely to return to their previous habits.
  • Mobile Deposit Capture is a great example. At first, members might be reluctant to use the service, but once they learn how it works and how easy it is to use, they will get excited every time they get a check going forward. These are the types of features that help credit unions gain members for life.