When was the last time you checked your mobile phone or opened an app? For most, it will have been within the last hour or the last few minutes. You might even be reading this blog on your smartphone. That’s how important mobile has become and will continue to be well into the future. More and more people want to access everything through their smartphones so having a mobile strategy in place is becoming increasingly important for credit unions and many other institutions.
More than half of consumers use their mobile device first for anything they require to do online. To get the attention of your members and potential members, it is important to have an online presence and be optimised for mobile usage. Over 50% of website visits come from a mobile device so planning a good mobile strategy will keep you prepared for the future.
A great mobile strategy is vital in attracting members but it’s also going to be an important factor in retaining members. Millennials are one of the biggest obstacles credit unions are facing when it comes to attraction and retention. They are a generation that relies on speed, accessibility and digital channels. During a typical month, they access their financial institution 8.5 times via a mobile app compared to the 3.1 times for the non-millennial segment. It’s important to cater to your future members and these are going to be from the millennial generation.
Working with fintechs to provide you with the mobile strategy that you need is easier than you think. Many fintechs are looking to collaborate with financial institutions rather than compete with them directly for customers (thefinancialbrand.com). A new age of partnerships and collaboration has begun and it’s the way forward for credit unions to join the digital revolution. According to Bankrate, 63% of all smartphone users have at least one financial app, so why shouldn’t your credit union be able to engage with its members this way? Mobile is a great way to engage with members and you’ll find that they want to be reached via notifications and messages rather than venturing into your branch. This is when mobile becomes so important for you to be able operate effectively into the future.
If you don’t have a mobile strategy in place, now is the time to act. You need to show your potential members why they should choose you over a bank. If you can’t compete with the same technology and convenience that a bank provides, then you will be losing out on more members than you realise.
49% of those under 24 have avoided a product or service due to its negative impact on the environment or society in the last year (theguardian.com,2018). As more ethically minded millennials enter the workforce you have the advantage of being an ethical institution that they will want to bank with. You just need to show them why and give them the tools that they want and need. Digital first institutions are going to thrive and you're definitely going to want to be one of them.
For more information on how to plan your mobile strategy, get in touch with us.