Moving toward mobile maturity
How credit unions can build a strong mobile culture while providing the best experience for members
If credit unions are not already building mobile strategies, there’s no question that they’re putting themselves at risk of losing members. According to Business Insider Intelligence’s Mobile Banking Competitive Edge Study, 89% of all survey respondents and 97% of millennials said they use mobile banking. Additionally, 91% of Gen Xers and 79% of baby boomers reported seeing the benefits of these services. Those numbers are hard to ignore.
While some financial institutions had formulated a mobile strategy before COVID-19, many found that the pandemic forced them to accelerate their plans. In the face of this pressure, how can credit unions create a mobile-first culture without sacrificing the member service that is at the core of their mission?
Mobile adoption requires a three-pronged approach: address members’ needs, assess the technology and most important features, and align the strategic goals of the credit union with the credit union people who will do the work.
Digital and Mobile Maturity
Maha Brauch, director of digital services, $3.7 billion Affinity Plus Federal Credit Union, St. Paul, Minnesota, says the first thing a credit union needs to do when setting a strategy is assess its digital and mobile maturity.
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