Credit unions are all about options and choice today. It’s not because they are demanding, it simply speaks to the world we live in. From the days of having to go into a credit union branch during business hours and visit tellers, calling from a landline to check your balance to ATM machines in grocery stores, accessing your account after hours through drive through ATMs, remote access via online baking and online check presentment, which also allows your members to deposit their paycheck by taking a picture of the check.
The same demand for members to manage their savings and lending options hold true for credit unions today. Members, especially Millennials, demand constant access. It’s why mobile banking platforms are so popular. It’s also why technology has evolved in this sector of the industry. No longer do members log on to merely check account balances or see how their CD is performing. The landscape has changed.
Millennials: The New Mobile Banking Client
Now, members can apply for home mortgages from their smartphones. They will, too. A hefty 44% of Millennials prefer to pay for transactions using their mobile phone rather than using a credit card or cash. That number can’t be ignored. If your platform is not delivering a robust mobile banking experience, then you could be missing out. The “content-on-demand” experience can drive member and lending growth. The reason? Millennials. They are the next demographic that will shape the world. Learning what they expect and how to deliver on that expectation will be a fundamental part of doing business in the coming years.
The flexibility and accessibility of mobile platforms is revolutionary for the credit union industry. Today, remote access banking services include mobile banking technology, such as apps and text banking. In addition to promoting lending and member growth, it promotes efficiency. This makes credit union staff more productive, and positions a credit union to better serve its members. It also promotes competition among industry vendors and providers of such platforms. The technology becomes more integrated and fluid.
Mobile Banking and Vendor Competition
How specifically does industry competition affect mobile banking? Competition opens up more choice for credit unions by giving them different platform options while contributing positively to the whole industry. It is the principle of a rising tide lifting all ships. Future consumer demand will drive continued innovation, which will only yield more positive benefits for credit unions. Look for things to become even more fluid and seamless. Now is the perfect time to look at your mobile platform and see where you stand. If it is not as robust as you would like it to be, you have options. Talk with your current provider or shop the market to see what else is available to you.What was once a revolutionary invention is now an expectation by your members.
Of course, we will be standing by with compliant forms, disclosures, and content packages, ready to integrate with any provider should you need to make a change. Feel free to reach out to us at ClientServices@OakTreeBiz.com with any questions you may have. We have been serving the credit union industry for over 30 years, keeping pace with technology innovation and advancement in the marketplace. At Oak Tree, we work with your preferred data processor, delivery system provider or insurance carrier during the changes your credit union makes to stay ahead of a changing marketplace. Chat with us at www.OakTreeBiz.com. We can help.