Prepare for ‘All Things Mobile’

How will financial services technology evolve during the next few years?

September 01, 2014
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How will financial services technology evolve during the next few years?

With more than one million interactions daily, credit unions should prepare for “all things mobile,” according to CUNA’s Environmental Scan (E-Scan).

Mobile transactions now dominate all channels of customer engagement, including the Internet and call centers. Representing three of every five customer contacts, mobile’s newfound dominance is driven by consumer expectations.

“Consumers want to be able to access their financial products and services from handheld devices with ease, reliability, and speed,” E-Scan reports.

Popular mobile banking features today include the electronic wallet, mobile deposits, merchant-funded offers, bill capture, person-to-person payments, virtual currencies, cross-sell campaigns, social media integration, geo-location services, vendor offerings, chat, quick response (QR) codes for payments and marketing campaigns, and near field communications.

“Tablets, particularly popular among younger consumers, are fueling mobility,” E-Scan reports. “Tablets are a game-changer and they’re exerting a transformative influence on members, both inside and outside of branches.”

Smartphones, too, are contributing to mobile’s dominance, with sales expected to grow at an 18.3% compounded annual rate through 2016—outpacing feature phones and personal computers.

Given current trends, mobile devices will soon surpass personal computers as the most common tools used to access the Internet. As a result, E-Scan notes, “Credit unions will need to pay close attention to all facets of the mobile user experience if they’re to create intuitive and flexible member interfaces built on robust information architecture.”

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