By the end of 2011, smart phones will outsell standard cell phones, and consumers will continue to defect from bank and credit union websites to pay billers directly.
So says “The Future of Member-Facing Technologies in Credit Unions,” a report by the Filene Research Institute that examines how changes in consumer habits will affect credit unions.
The report advises credit unions to focus on three areas:
Financial advice and guidance. Personal financial management tools such as Mint.com and similar services are more than juiced-up budgeting tools. They allow members to see where their money goes.
Social networking integration. Social media tools have become popular, but credit unions aren’t always effective at using them to drive business results.
Purely mobile apps. Perhaps the most important of all emerging technology areas, mobile apps offer features consumers already demand.