Spreading the Word about Your Mobile Banking App - Part 1

  
by Amy Neale

Below is part one of a two-part blog. Check out next week's blog for the rest!

Has your credit union jumped on the mobile banking bandwagon yet? According to a recent study from Malauzai Software, 65 percent of credit unions nationwide have a mobile banking app in the Apple App Store. That’s compared to only 51 percent of banks that do.

With the average consumer looking at their cellphone 150 times per day and mobile Internet usage surpassing desktop usage last year, it’s inevitable that the percentage of mobile banking apps in the App Store will increase exponentially in the years to come. Whether you’re among the 65 percent that already offer a mobile banking app or have one penciled into your 2015 strategy, there’s far more to offering an app to your members than just putting it in the app stores.

A COMPETE study found that 57 percent of U.S. consumers use mobile banking features with 35 percent of them accessing it once a week according to Millennial Media. For those consumers that don’t already use it, a Federal Reserve study discovered that 75 percent responded “I don’t see any reason to use mobile banking” and 17 percent stating “It’s too difficult to use.”

Changing the Tide

At face value, these objections may seem like extra speed bumps to conquer on the road to mobile banking. But it pays to be proactive and look at these comments as valuable insight into the mind of a credit union member. The takeaway should be that you need to better show the value proposition of your mobile banking and better explain how simple it is to use.

Onboarding members to mobile banking has historically been an Achilles heel for credit unions, as has seeing mobile banking as the perfect cross-selling channel. Mobile banking opens the door to expanding member relationships and fostering member loyalty by cross-selling mobile banking engagement services. If your credit union implements a solid onboarding process for new checking accounts, it can improve member engagement, curtail attrition and set the tone for cultivating even stronger member relations.

Most credit unions focus the marketing of their mobile banking on their websites and in their branches. While this is a good start, this is missing the mark by not looking at the big marketing picture. Recent research by Maxymiser found that U.S. consumers trust the promotional content they see on their financial institution’s website or mobile site enough to click on it. When you specifically target the message to their needs, the odds of them clicking increases: 25 percent were very likely to click, 28 percent likely and 30 percent somewhat likely.

Check out next week's blog to find out the best approach to take when promoting your credit union’s mobile banking.