2015 Resolution: Embrace Mobile across the Member Lifecycle

by Chris Steffes, Remote Services Consultant

To compete for membership over the past couple years, many credit unions made the leap into mobile banking by providing members with an app. While this is a necessary and important first step for credit unions, consumer demands on mobile – central to their experience – have grown sharply. As much as 60% of consumers’ time on a mobile device is spent interacting with applications, according to Genesys, a customer experience solutions provider.

The good news is that credit union efforts to provide members with mobile functionality is paying off. FICO conducted a survey of U.S. consumers last summer and found that 82% of mobile banking app users are satisfied with their financial institution, compared with only 71% among those who don’t use a mobile banking app. 

While consumer satisfaction is high, there’s growing pressure to keep existing members engaged and satisfied as mobile banking applications become more sophisticated, offering members a myriad of self-service convenience features, from photo bill pay to loan applications.

When reviewing your mobile channel, one of the most important areas to focus on is the member journey, the interaction members experience using your mobile app. By shifting your perspective to look across the entire member lifecycle – from acquiring and serving members to nurturing and growing your base – credit unions can tailor a mobile journey that will delight and retain members. 

Consider the following points in the member lifecycle to improve your member experience:

• Acquire New Members
  Mobile marketing can not only increase response rates to promotions, but can drive more traffic to your credit union’s branch or website for additional loan or deposit business. Several member engagement strategies can increase member activity including SMS, polls, trivia, contests and promotions. For example, members can be asked which communication methods they prefer in exchange for prizes or rate discounts. Another option is to enable members to sign up for offers or promotions, increasing momentum for future campaigns.

• Serve and Nurture
  Once new members are acquired, keeping them engaged through mobile communications, such as secure messaging, will increase loyalty and strengthen relationships. Providing direct service through messaging will enable a two-way conversation between you and your members where your credit union can answer general questions or respond to account-specific inquiries. In addition, proactive communications, such as reminders of monthly newsletter publications, will keep members connected to valuable credit union news and events.
  
• Grow through Personalized Offers
  All credit unions want growth. However, by presenting personalized, timely offers directly to members through mobile, you will encounter increased purchase frequency, as members will view the offers as relevant to their needs.

Your mobile solution shouldn’t just provide members with functionality. It should also provide an administration tool that includes a method of capturing and segmenting member data into member profiles, so that marketing teams can create and direct personalized offers to groups of members with similar profiles. 

To maintain a healthy and satisfied member base, plan your mobile strategy to revolve around the member experience at every stage of the member lifecycle. Discover what CU Solutions Group can do to help your credit union enhance its mobile strategy. Click here, email info@cusolutionsgroup.com or call 800.262.6285 for details.