By Sarah Snell Cooke, Principal, Cooke Consulting Solutions
According to the Mobile Money Report, 61% of people use their mobile phone carry out banking activity. In the 21st century, this technology has revolutionized the way personal finances and transferring money is carried out. To remain successful, financial institutions must adapt to this changing digital business climate. When considering a mobile banking app provider or building your own, there are many factors you must consider for it to be successful. Here are five important things to consider:
- User experience - In addition to an easy-to-use member interface, the app should function seamlessly. Provide remote deposit capture capabilities. Members also want to be able to pay bills through your app, so let them! Allow members to transfer money between their accounts with you and other financial institutions. Help members find your network ATMs near them. Touch ID is a popular feature.
- Offer personal financial management tools - Whether through a partner or on your own. Allowing members to set up text alerts on accounts can help them avoid overdrafting.
- Stability - If your app is not working, then its flashiness is irrelevant. Stability is a priority for you and your members.
- Security - Members must feel safe using your app to manage their money, so pick a platform that goes above and beyond to protect your members’ financial peace of mind. Fraud alerts are key. Permit members to freeze authorized users’ cards within the app.
- Data analytics capabilities - Serve your members and your credit union at that same time by capturing data on their usage to better serve them. That data can be combined with other data at your credit union to better understand consumer habits and more precisely target your marketing.
All of these factors must be considered as your credit union evaluates mobile app providers or building your own: user experience, personal financial management tools, stability, security and data analytics capabilities. Offering members underwhelming mobile capabilities is no longer an option. Mobile banking is a strategic need for the longevity of your credit union in the fast-paced digital age.
CUCollaborate provides credit union reviews of business partners and product they actually use, including mobile banking vendors. Names are removed to allow honest dialogue and their business partners can respond. Check out CUCollaborate today!