Engaging the Mobile Member at Your Credit Union

by Amy Neale

So, it’s no secret that cell phone use, especially smartphones, has been increasing year after year. Mobile is becoming a marketing standard in member engagement. Has your credit union taken the time to figure out how to best leverage the typical “mobile member”?

A recent study by Maxymiser surveyed U.S. consumers who owned at least one computer, tablet and smartphone discovering that nearly three-quarters of the respondents visited a banking website or mobile site more than five times per month. And another study from Pew Internet & American Life Project showed that 35% of its respondents banked on their mobile phones – especially those in the 18 to 29 year old age group.

Financial institutions nationwide are standing up and taking notice of this continuing mobile trend. Forrester Research estimates that the financial service industry will spend around $837 million on mobile marketing in 2013. They project that number will grow to $1.61 billion by 2016.

     Many credit unions are unsure of the best way to approach the mobile member. The marketing experts at CU Solutions Group have a few suggestions. Some of these your credit union might already utilize, others might be worth looking into: 

•  Online applications – Since most members are looking to apply for loans online, the days of having a PDF of an application on your site for members to print, fill out and bring in are numbered. It’s time to offer online loan, credit card and membership applications. Get them while they’re interested – and make sure it’s mobile-friendly!
  
•  Mobile marketing – From banner ads to text messages, this is often an untapped resource for many credit unions. Think about including text-based contests or sweepstakes to drive member engagement.
  
•  Responsive design – Many credit unions have already jumped on the mobile site bandwagon – but it’s now time to think about how members use your website. Many move from phone to tablet to laptop and back throughout the day. Responsive design will ensure your website looks great and delivers the best member experience through all devices.

     If you haven’t already, the time to engage your mobile member is now – before they decide to switch to a more mobile-friendly financial institution! 

 

Connected and Impatient – How Credit Unions Can Serve Gen C

The millennial generation, known as Gen Y, is also known as Gen C—as in “connected.”

Just how many of them are connected? A recent report published by Pew Internet & American Life Project states, “Seventy-one percent of Americans between the ages of 25 and 34 now own a smartphone as do 67% of those ages 18-24 and 54% of those ages 35-44.”¹

Let’s face it. We rarely, if ever, spot a member of that generation without his or her phone in hand. Texting friends, making calls and finding information online are all ways of staying connected to the rest of the world. The downside is “that the impact of networked living on today’s young will drive them to thirst for instant gratification, settle for quick choices, and lack patience.”²

If You Can’t Beat ‘Em …
You can use this generation’s connectedness and impatience to your advantage. Give them the tools they need to do business with you—whenever they want and wherever they are—without always having to come into a branch. Consider these tools:

• Online Membership Application – Completing paperwork is “out.” Online applications that can be completed quickly and securely are “in.” Make it simple to apply for membership. After all, you want them to join.
   
• Secure Live Chat – Answer questions and provide information in real time. It’s a “strike while the iron is hot” tool. Someone viewing your site is interested; be prepared to answer any questions that pop up. Remember that good secure chat programs come with the “send an email after business hours” feature. That’s slightly delayed gratification—but only by one business day!
   
• Mobile Site – Your mobile site makes your credit union portable; members can take you with them. A mobile version of your site lets your members find the information they need at the moment it’s relevant. (Think: I’m shopping for a new car and want to check my CU’s loan rates.)

Tools that help members connect with you are easy to implement. So, think like a member of the generation you’re trying to serve and ask yourself, “What are we waiting for?”

¹Smith, Aaron, Nearly Half of American Adults are Smartphone Users, Pew Internet & American Life Project, March 1, 2012, http://pewinternet.org/Reports/2012/Smartphone-Update-2012/Findings.aspx, accessed March 23, 2012.

²Anderson, Janna and Rainie, Lee Millennials will benefit and suffer due to their hyperconnected lives, Pew Internet & American Life Project, February 29, 2012, http://www.pewinternet.org/Reports/2012/Hyperconnected-lives/Main-findings/Negative-effects.aspx, accessed March 23, 2012

Related Services: Mobile Sites, BoldChat, Social Media

Make it Easy to Share (and Members under 25 Will Thank You!)

Gen Y (also known as the millennial generation) is growing up and making financial decisions that will likely affect their lives for years to come. They also represent a significant sector of the population that your credit union (if it isn’t already) will want to attract and retain as members.

Think New School with a Bit of Old School Mixed in…

Gen Y members are “28% more likely than the average consumer to have a smartphone”¹ and are much more likely to use mobile banking online personal finance management tools and an online person-to-person service. In what seems a contrast, though, Gen Yers “prefer to develop relationships face-to-face … and want to be more comfortable with the financial provider before transacting a loan online.”²

That means the positive in-person relationship is still important—and that’s good; you probably have that part of the equation down to a science. Now it’s time to take a look at your website—and make sure the information is credible; because while Gen Yers like to use the Internet, they know that plenty of misleading information appears online—and so they do not take the information they read for granted. Once you’ve done that, what’s next?

Go Mobile
It’s a bit different than what The Who sang about in 1971’s “Going Mobile” but it’s just what your credit union needs to do—extend your relationship with members to the mobile and online social worlds.

Your credit union can become something that Gen Yers take with them wherever they go—whether they’re going on vacation, out to eat, or just to a friend’s house. One simple way to achieve that is through a mobile version of your site. Let your members find the information they need at the moment it’s relevant. (Think: I’m going to dinner with friends and want to get some cash from the ATM. Where’s my credit union’s nearest branch?)

A mobile site is just the beginning. Your credit union can be more than just a financial institution; it can be a source of information that Gen Yers can share with their friends and family. After all “most young adults share interesting or useful websites with their families and friends … and 60% of young adults use the Internet to find information about companies.”³ If, in addition to product and service descriptions, your site contains financial education tips, that’s something useful that can be shared. But don’t let those tips stop at your site; tweet them and post them on Facebook. Consider posting brief video tips, too, either on your site or on YouTube. Start an online blog—and ask your Gen Y members to post as well. Start the conversation about finances—and invite your members to keep it going.

With the right blend of technology platforms and a bit of the human touch, your credit union can be the “go-to” source for financial products and services—and the source members can reach and share when they’re on the go.

Sources
1. Affinity Research
2. Attracting and Retaining Young Adult Members, Filene Research Institute, 2003
3. Attracting and Retaining Young Adult Members, Filene Research Institute, 2003
 

Related Services:  Mobile Apps & Sites, Digital Media, Online Services