Technology

Prepare for A Mobile Transformation

Consumer adoption of smartphones is transforming online banking.

June 10, 2011
KEYWORDS banking , mobile
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Consumer adoption of smartphones is transforming online banking.

The next generation of members will want your credit union to meet them where they are—which increasingly is on “the small screen.”

That’s the word from CUNA’s 2011-2012 Credit Union Environmental Scan (E-Scan). It advises credit unions to embrace Facebook, Twitter, and other social media outlets.

Standard home banking won’t be enough to keep your young members’ attention.

Members in the next decade will want to:

  • Apply for loans at the dealership;
  • Be alerted to things that will happen to their accounts rather than what just happened;
  • Be proactive;
  • Combine their finances with their online lives; and
  • Share financial successes and research options online.

Cash, checks, and plastic will fade, and secure mobile transactions will favor retailers and consumers, and reduce your credit union’s interchange income, E-Scan reports.

While home banking is a reactive platform, mobile banking is interactive. Members will expect the mobile banking platform to go far beyond providing only static information.

This mobile transformation will put credit union services in the pockets of all members.

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