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.