No longer completely new, it appears that mobile banking is more than just here to stay—it is here to lead. As mobile banking adoption rates increase, the number of brick-and-mortar branches decrease and, yes, there is a direct correlation between these two events.
It comes as no surprise that millennials have eagerly adopted the mobile interface as a way of handling their financial transactions given their general comfort level with technology. However, they are not alone. Adoption rates among all segments, including boomers are on the rise.
The ability to have access to one’s financial resources and information in most any location at most any time powers this. It offers a level of control that consumers are seeking, especially in the midst of seemingly never-ending security breaches. Mobile banking essentially puts more power in the hands—literally—of consumers.
No longer are consumers forced to come to financial institutions on their terms and during their hours only to wait in long lines. Now consumers can bank when and where they want or need with no waiting—and via the platform of their choice as well. Tablets, smartphones and even wearables all offer this on-the-go functionality.
Mobile banking interfaces give financial institutions a new vehicle via which to establish and reinforce their brands 24/7. Being available to a member at any time of the day or night is perhaps one of the most powerful ways to build member loyalty and secure ongoing relationships.
In addition, via mobile banking portals, credits unions and banks can promote a plethora of additional products and services. A mobile banking site or app should essentially be viewed as a new Internet marketing vehicle with a big advantage over many others. This vehicle’s audience is an exceptionally targeted one—existing members who keep coming back.
The costs associated with mobile banking infrastructure coupled with the revenue potential relative to their physical branch cousins could end up being one of the biggest drivers of this revolution.
Today’s technology makes more possible with less overhead than ever before—for financial institution as well as for consumers. Credit unions in particular have the ability to take maximum advantage of this technology as they have generally been regarded as more consumer-friendly than large banks. Mobile banking is also seen as the consumer-friendly option so the marriage of mobile banking with a credit union is one that is well-positioned for long-term success.
CUProdigy is in the unique position to help Credit Unions ‘Advance Beyond’ by providing a core processing platform that puts the member experience first. CUProdigy empowers credit unions with a comprehensive solution that is both robust and scalable.