Spreading the Word about Your Mobile Banking App - Part 2

By Amy Neale

This is the second half of a two-part blog.

The best approach to take when promoting your credit union’s mobilebanking app? A holistic one. It needs to fire on all channels of member engagement for the greatest impact:

• Website – It’s not enough to just mention you offer mobile banking, create a whole page on your website stating that you have it, how to get it and how to use it.
  
• Social media – Whatever social media platforms your credit union uses, post a reminder about once a week that you have mobile banking with links to the app stores. Most people check their Facebook status, etc. on their smartphones, so it’s a natural place to tell them about your app.
  
• Email and direct mail – Don’t just email your members about your mobile banking, use a descriptive postcard to get the word out.
  
• In-branch – From lobby posters and frontline staff to your branch ATMs, these are all valuable channels to let members know about your app and how easy it is to use.
  
• Video – What better way to walk your members through how to get and use your mobile app than a straightforward video tutorial?

The key to successfully promoting a mobile banking app is to take a comprehensive approach and not stop once it’s launched. 

If you need assistance at any step of the way, CU Solutions Group can help the credit union develop its own mobile banking app as well as a marketing plan to spread the word.

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.

Enhance Your Credit Union’s Mobile Member Experience

By Chris Steffes, Remote Service Consultant

According to a recent survey from Bank of America, nearly one-third of mobile banking users are now accessing mobile banking every day. The Millennial user – aged 18-34 – has high expectations when it comes to mobile banking. Not only do they want self-service and convenience features, they also want to communicate with you within the mobile session. When surveyed by FICO, millennials who frequently use their bank/credit union mobile app report greater satisfaction with their financial institution.

If you haven’t considered the mobile user experience, especially when it comes to attracting new members, it’s time to think about how your credit union’s service delivery mix should shift towards mobile in the next year.

To maximize the member experience, credit unions should:

• Pick features that matter most to members. FICO recently conducted a survey and found that mobile users want more self-service features, like photo bill pay, but also wanted more interaction with their credit union, through alert messages, bill or loan pay reminders, and fraud alerts.
  
  
• Advertise through mobile. If your current mobile solution doesn’t offer marketing tools to spread the word about your great products, how are mobile users going to learn about what you can offer them? Your mobile solution should offer banner ads, pre or post-login ad pages, location-based advertising, or secure messaging to keep members informed. If you don’t communicate directly with members, you will miss out on opportunities to cross-sell your products and services.

• Understand the channel. Mobile banking is not a “once-and-done” launch, but rather a channel that provides credit unions with the opportunity to become more knowledgeable about their members in order to serve them better. By conducting mobile/online banking member surveys, requesting a “Mobile Audit” by a consulting organization, such as CU Solutions Group, and by tracking members’ mobile habits – how frequent they visit your site, how long they are in the mobile session – valuable information can help you support the changing way in which members transact.

• Train your staff. Educating your teams to professionally communicate with members via secure messaging or chat will not only enhance the member experience, it will expand the role of your customer-facing staff to meet the needs of your members. Make staff training an integral part of your overall transition into mobile. Your front line staff can be your best advocates to promote and service your members.

Mobile banking has fast become more than just a transactional space for credit union members. Mobile is now a channel where members want to connect, communicate, and transact with your credit union. Bank of America reports 47% of consumers use mobile or online banking as a preferred method of transacting with their bank/credit union. As more people engage you through mobile, credit unions must shift their focus to deliver services and a great customer experience to where their members are – on mobile.

CU Solutions Group can help you develop your mobile banking app of you already have one or help you create mobile banking app from the ground up! With innovate mobile sites and smartphone apps we have technology teams that can help make your dreams for your mobile app a reality!