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In looking at this colorful infographic provided by CUNA, it is clear that for 2013 to 2014, trends appear begin with the letter M. The first M is Mobile. It should not be surprising that the first three trends listed involve mobile services, from payments, which is now growing by 68% annually, to Mobile Banking, for which consumer expectation for the service is also becoming a trend. Finally, Mobile Malware is something that credit unions should be aware of, as one million malicious Android Apps are expected to hit in 2013.
Many of the other trends displayed are connected to another important “M Word”- Marketing. From the importance of spreading the awareness of the Unite for Good Campaign, to reaching out to the Unbanked and Underbanked, the importance of a strong push towards credit union awareness is increasingly important. Add on the issue of low CU awareness (the study indicates that 45% are not aware of CUs), marketing must go far beyond auto loan promotions.
Aware of these trends, Synergent has been helping credit unions with both the technology needed to offer these mobile product offerings, as well as the marketing needed to keep members informed and engaged. And whatever letter of the alphabet a credit unions’ concern may fall under, we are always ready to speak the language of credit unions.
