Journey to Pluto with CU Wallet!

If you haven’t already seen, NASA just released new images of Pluto taken from the spacecraft New Horizons. The images are quite amazing, and are the clearest, highest-definition photos of Pluto to date.

Go ahead and do a quick image search, we’ll wait…

Pretty neat, huh? While some might consider it a bit of a stretch, these cutting-edge images have quite a few parallels to CU Solutions Group’s new mobile wallet application, CU Wallet. These ventures are all about diving into the new and unexplored for the sake of progress - charting the path to new possibilities.

On the Forefront

Pushing the envelope of technology and setting the stage for the future of things to come, CU Wallet allows your members to pay for goods and services the same way they would with a debit card – only using a mobile device. It’s a venture into new and undiscovered prospects for your credit union, and positions you on the forefront of mobile and digital finance.

To compete in today’s ever-changing digital market, having a mobile wallet solution for your members is an increasing necessity for financial institutions. It’s more than just “nice to have,” and if you wait for your members to ask for it, it might be too late.

A Great Collaboration

CU Solutions Groups has partnered with technology developer CU Wallet on this endeavor, and all moves have been made with sights set on the needs of credit unions and their members. This product can expand your horizons by maximizing interchange revenue, generating new revenue, attracting new members and capitalizing on mobile. If your credit union is ready to take the lead in digital and mobile finance, this is a great place to start.

Contact CU Solutions today for more information on growing your credit union with CU Wallet!

Who’s Really Using Mobile Banking?

The Federal Reserve recently published their Consumers and Mobile Financial Services Report for 2015, and the results give us a glimpse into who is actually using mobile banking services. In case you thought it was just the kids, by the numbers, here’s why your credit union should think again…

• 87% of the U.S. adult population has a mobile phone
• 71% of mobile phones are smart phones (internet enabled)
• 39% of mobile phone owners with a bank account have used mobile banking in the past 12 months (up from 33%)

If they’re using mobile banking, here’s a breakdown of which services they’ve used in the past 12 months:

• 94% check account balances and/or recent transactions
• 61% transfer money between accounts
• 57% receive text, email or push notifications
• 51% have deposited a check using their mobile phone (up from 38%)

It’s often said that, “it’s not always about where you are, but where you’re going.” While these numbers are certainly telling, what’s more is that they’re rising – and quickly.

When we consider mobile banking, we often gauge its infusion by the amount of younger members that are gradually streaming in the doors of our credit union. What we don’t always take into account, and what this report in particular highlights, it how our adult members are adopting mobile banking as well.

The candle is burning at both ends – don’t get caught in the middle without a solution for your members! You can view more of the findings and the report from the Federal Reserve here. If your credit union is ready to dive into mobile banking, or if your current approach just needs a little developmental fine tuning, contact CU Solutions Group here!

Digital or Personal Banking – Which is More Important?

According to a recent poll published by Gallup, Americans are preferentially split between digital and personal banking. The question was posed, “If you had to give up one aspect of your relationship with your bank, the digital (you would no longer be able to interact with your bank through mobile or online channels) or the personal (you would no longer be able to visit a branch or call a call center,) which one would you give up?” The results show slight favoritism towards digital, with 53% reporting that they would give up personal service, and 47% suggesting that whey would give up mobile and online.

Even Keel

This highlights the generational gap with which many financial institutions struggle, and once again begs the question of which methods and channels are best for member satisfaction, interaction and marketing efforts. While some suggest that younger accountholders are the future of the industry and require more attention, others contend that these individuals bring a much slighter share of wallet, and that focus is better spent on their elder and more versed counterparts. The results of the poll would suggest that the truth lies somewhere in between.

The overarching question posed is a hypothetical situation that forces respondents to lean completely towards one method or the other. In reality, digital and personal preferences fall on a continuum with most members employing a mixture of both forms of interaction. It does, however, accentuate just how evenly split members currently are when it comes to the preferential mode of interaction with their financial institution.

Digging Deeper

Follow up questions in the study reveal a much more detailed picture. When the same respondents were asked if their current banking relationship was more personal or more digital in nature, roughly 62% indicated a preference match – that their current relationship is as personal or as digital as they would like it to be. The 38% of accountholders whose preference did not match their actual relationship were far less likely to be engaged with their financial institution. Meeting your members where they want to be, and engaging with them according to their own preference, is what will drive the bottom line.

This is a fact that brings with it more complications than answers. Even more revealing than the split towards preference is the level of disengagement when preference is not met. Credit unions have to meet members on their own terms and deliver a satisfying experience every single time whether digital or personal. While the conversation is often dominated by debate over which methods of member interaction and service are more important, our focus should instead be on the specific products and services that are most important to members, and how we can meet their needs best on both fronts.

If you think that your credit union could benefit from a more even-handed approach to member engagement, Technology Solutions is here to help. From design and hosting, to support and custom app creation, we drive both style and substance.

Dive in to Mobile at Your Credit Union

 

If your credit union is still dabbling or just tipping its metaphorical toes into the world of mobile, it’s time to dive in. With just a quick look at my Twitter newsfeed this morning I came across several articles and stats focused on the importance of mobile – mobile banking, mobile advertising and mobile data. Here’s a brief look:

• Mobile Banking
  Digital security leader Gemalto released study results showing that (no surprise) young people love mobile banking. 77% of the young adults surveyed (ages 25-34) use online banking services with 42% using them five times or a month or more. And 27% never visit their branch in person anymore.
  
• Mobile Advertising
  The number of smartphone and tablet users keeps increasing – and so does mobile advertising dollars. Net U.S. mobile advertising is expected to increase to $28.48 billion this year, according to eMarketer. Also, mobile search ads will be $12.85 billion by the end of the year, which is over 50% of the search market. Interestingly, Android users are more likely than iOS users to click on mobile app ads, according to a Kenshoo study.
  
• Mobile Data
  A revealing way to gauge mobile usage is by reviewing data traffic. A Cisco Systems study found that mobile data traffic grew by 70% in 2014. Cisco projects that smart devise will increase their share of mobile connections by nearly 127% between 2014 and 2019.

Wondering what these statistics mean for your credit union? 

• That your members don’t just want access to mobile banking – they require it.
• That if you’re not using your mobile app or site to cross-sell your credit union’s products and services, you’re missing a vital and growing opportunity.
• That mobile usage is only going up and now is the time to jump in with both feet before it’s too late!

CU Solutions Group can help your credit union with its mobile needs. Whether it’s a mobile app, mobile site or a comprehensive mobile banking app that offers cross-selling opportunities, we have what you need. Contact us today.

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.

2015 Mobile Trends of Credit Union Members

by Chris Steffes, Remote Services Consultant

The mobile disruption is far from over. In fact, the speed to market for digital innovation will likely increase in 2015. BAI Banking Strategies surveyed financial services leaders, including credit union executives, and identified the top banking trends for 2015. It is no surprise that consumers’ heightened use of digital channels, especially mobile, rank high on the list, along with an amplified focus on the member experience. 2015 will be the year in which consumers shift their view about banking at credit unions - from being an obligation to a preferred lifestyle of convenience and mobility - due to the latest trends in mobile.

Their insight includes the following trends:

• Expedited deployment of digital branch delivery.
  Whether it's pushing member-driven functionality to your mobile channel or changing your branch experience to a self-service model with kiosks and advisory services, providing a digital experience will continue to transform the way credit unions serve their members. Getting out from behind a desk and meeting a member in a newly created space, similar to a lounge or café setting with a tablet, will continue to improve member perception as long as credit unions continue to present themselves as visually appealing, technically savvy and millennial-friendly. This is particularly significant in the middle and up-market demographics, as members will gauge a credit union’s value and progressive vision by their commitment to using digital tools for member convenience and business efficiency.
  
• Mobile-First design.
  According to the BAI article, banking and credit union executives believe 2015 will be the year when banks and credit unions will use mobile design strategies as the basis for all customer touchpoints. Their goal is to position mobile not only as a full-service delivery channel, but as the flagship channel for member engagement. Their strategy of increased revenue-generating functionality on mobile, along with member servicing tools like mobile video chat - especially popular with tablet users – will attract and drive new membership.
  
• Increased digital and social selling.
  Compared to 2014, Forrester Research predicts that twice as many customers will research financial products on their smartphones and tablets in 2015. And as millennials’ appreciation for all-things-social continues to grow, credit unions that transform their marketing tactics from traditionally static ads to more intimate engagement on digital channels and social media will see more success in revenue generation. This requires credit unions to make a fundamental change in how to communicate to members along with developing new strategy for optimizing digital media to engage consumers.
  
• Mass acceptance of mobile payments.
  With Apple Pay setting the benchmark in the mobile payments space, 2015 will be the year when mobile wallets will likely become the differentiator for attracting new members. According to Cap Gemini Research, m-payments are projected to grow by over 60% in 2015. While experts in the wallet space caution credit unions to carefully conduct regulatory due diligence in the payments space prior to selecting a vendor, it is wise to start analyzing device types of your current member base and begin a vendor selection process for a wallet provider that not only provides an agnostic solution among device types, but will feature your credit union debit and credit cards as a payment device within the wallet.

Gearing your digital strategy toward this year’s emerging trends will position your credit union to weather the demands of increasing member engagement and provide a better member experience at every stage of the member lifecycle. 

If your credit union needs help navigating the mobile world in 2015, contact CU Solutions Group - we've got mobile experts that can keep you moving forward.