Top Mobile Banking Feature for Credit Unions in 2015

With millennials representing 25% of the population, nearly all of them are mobile. As 57% of this segment uses mobile banking as their primary means to bank, the demand to meet their growing mobile expectations continues to soar.

Fortunately, mobile software providers are rising to the challenge, and responding with powerful tools that will make our lives more convenient than ever. But there’s an added bonus to some of the features coming in 2015 – they’re revenue generators.

Here’s a sneak peek of what’s coming our way:

• Photo Bill Pay: While this product is already available at the big banks, it is not yet in wide distribution. Plan to see it available to credit unions on large scale in 2015, either as a stand-alone product, or integrated with a mobile banking software provider.
  
  Photo bill pay is another one of those disruptive technologies that people want, like remote deposit capture and Apple Pay. It’s the ultimate consumer convenience tool – simply take a picture of your bill with your smartphone, and the technology auto-fills the payee fields. And while it doesn’t generate revenue for the credit union, photo bill pay does attract new audiences, which means new membership growth. With slick and smart technology, photo bill pay will be a big deal next year.
  
  
• Photo Balance Transfer: The sister to photo bill pay is photo balance transfer, and will generate revenue for credit unions by growing credit card usage. Photo balance transfer is a feature within the mobile banking app that enables members to open new credit cards through an application and a photo of their existing credit card statement, transferring their balance to a new, credit union-issued card. With Millennials preferring to use their smartphone or tablet over a PC or laptop, adding easy-to-access application features will increase card sales.
  
  
• Mobile Loan Application: There are plenty of online loan application tools available on the market, but few mobile banking apps that offer a loan application tool. But that’s about to change, as software providers are building mobile loan tools that fit within your existing app. CUNA Mutual Group reported that loan completion rates in 2013 were higher when generated through a smartphone or tablet (49%), versus a PC or laptop (37%). And since the average age of applicants on mobile is 31 years, looking for a mobile loan application tool that fits within your existing app makes good business sense.

Bank of America recently reported that 31% of mobile banking users check their bank account at least once daily, proving that your mobile banking app has become a strategic channel for engaging millennials, which translates into new members, revenue growth, increased loyalty, and continued relevance. Make 2015 the year to turn your current mobile solution into a revenue-generating channel.

CU Solutions Groups can help you connect to the Millennial group better than you ever have before with technologies like: youth sites, social media campaigns, cutting edge graphic design, mobile sites and smartphone apps, and even video creation.