Mobile Services Are a Game-Changer

New technologies must be simple to use, actionable, and secure.

November 15, 2013
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Technology is an integral part of our everyday activities. What would we do without our mobile phones, text messages, social media, and instant access to the Internet?

The financial services industry is following this trend and is changing to meet the technology needs for both their retail and business members. Credit unions seeking to acquire new members and expand their footprint should carefully study the technology available to assist in reaching these goals.

New technology is available to financial service providers that can remove geographic boundaries, improve member relationships, and better meet members’ changing lifestyle needs. Trending technologies you should consider implementing are:

New technology-centric products such as mobile banking and remote check capture, along with key concepts such as “share of the wallet,” can greatly assist your new member growth goals and help you retain current members. With new technologies such as cardless ATMs and virtual credit cards, members can look forward to freedom from carrying actual plastic cards.

Your members’ lives are filled with technological advancements. They are also ready for new financial services technology.

With mobile banking, your members can access their account balances, transfer funds, and pay bills. Using their smart phones and tablets, they can access account information instantly.

Adding mobile remote capture services gives members the ability to deposit checks to their accounts using a smart phone camera to capture the front and back check image. Access to mobile banking and remote check capture potentially frees members from having to visit a branch office.

This is a “game changing” opportunity. Now your members can conduct their business on their time table: reviewing account balances, paying bills, and depositing funds at their leisure.

Additionally, your credit union is no longer limited by geographic accessibility to your “brick and mortar” branch locations. By integrating mobile technology and remote access with existing products and services, credit unions are expanding their footprint without sacrificing quality of service and member satisfaction.

One key concept that has a similar transforming impact is the concept of looking at a member’s relationships with your credit union and how new technology can advance that relationship or “share of wallet.” Simply put, it’s identifying the types of products and services members use from your institution.

For example, you may consider a member with a checking and savings account that uses your online banking services a stable member. Imagine adding new technology to this relationship. Once the member has set up mobile banking and remote check deposit services, this relationship becomes much “stickier” or much less likely to be uprooted and moved to another institution.

Technological advancements certainly offer new challenges. With wireless devices, virtual credit cards, cardless ATMs, and a myriad of other virtual banking services, security is definitely a concern.

Fraud, especially in electronic banking, is on the rise. Still, the benefits of investing in new technologies greatly outnumber the challenges.

In order to be successful, mobile services must be simple to use, actionable, and secure. Ability to expand “share of wallet” for current members and to attract new members is essential to any credit union’s growth.

New technologies, such as remote capture and mobile banking, allow your credit union to do just that.





ZOYA LIEBERMAN, CTP, manages commercial services research at Informa Research Services Inc., a market research company specializing in the financial industry and a CUNA Strategic Services alliance provider. Contact her at 800-848-0218.

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Great article! Unfortunately, most employees don’t feel valued or appreciated by their supervisors or employers. In fact, research has shown that the predominant reason team members quit their jobs is because they don’t feel valued. This is in spite of the fact that employee recognition programs have proliferated in the workplace – over 90% of all organizations in the U.S. has some form of employee recognition activities in place. But most employee recognition programs are viewed with skepticism and cynicism – because they aren’t viewed as being genuine in their communication of appreciation. Getting the “employee of the month” award, receiving a certificate of recognition, or a “Way to go, team!” email just don’t get the job done. How do you communicate authentic appreciation? We have found people have different ways that they want to be shown appreciation, and if you don’t communicate in the language of appreciation important to them, you essentially “miss the mark”. Additionally, employees need to receive recognition more than once a year at their performance review. Otherwise, they view the praise as “going through the motions”. A third component of authentic appreciation is that the communication has to be about them personally – not the department, not their group, but something they did. Finally, they have to believe that you mean what you say. How you treat them has to match the words you use. If you are not sure how your team members want to be shown appreciation, the Motivating By Appreciation Inventory ( will identify the language of appreciation and specific actions preferred by each employee. You then can create a group profile for your team, so everyone knows how to encourage one another. Remember, employees want to know that they are valued for what they contribute to the success of the organization. And communicating authentic appreciation in the ways they desire it can make the difference between keeping your quality team members or having a negative work environment that everyone wants to leave. Paul White, Ph.D., is the co-author of The 5 Languages of Appreciation in the Workplace with Dr. Gary Chapman.

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