PFM (Personal Financial Management) refers to financial technology that helps users manage their money through visual charts and graphs. While this seems
- Sep 06, 2017
By now, you are no stranger to mobile banking. You are either offering a great product to your members, have an adequate product you wish was better or don’t have a product and are feeling the pressure from your members to get one. The mobile banking market is maturing, and no matter your situation with your credit union’s offering or lack of one, it is increasingly important for credit union executives to be able to consider their actions relative to the competition. Knowing your peers also have mobile banking on their mind, here are three things to always keep at the forefront when developing or adjusting your mobile strategy:
1) Recognize the importance of mobile banking to your members – In 2015 the number of weekly mobile bankers exceeded weekly branch bankers. Members are turning to their electronic devices more than the branch, are you ready to keep their business by offering services they can use from anywhere at any time? Mobile banking is no longer an added benefit. For your members, it’s a necessity.
2) Recognize the reach of mobile banking – Yes, members expect mobile banking as it is extremely convenient. In addition, mobile banking can expand your reach to members who are geographically far from ATM’s and/or branches. Given the prevalence of mobile phones—particularly smartphones—among minorities, low-income individuals, and younger persons, mobile technology has the potential to empower consumers and expand access to financial services for underserved populations. The more products and services you can offer through mobile banking extends the reach of your market.
3) Recognize that it doesn’t end here – Everyone knows technology will continue to evolve. Don’t be satisfied with a simple web-app because it’s cheap and easy to implement. Look to offer a true mobile app with a full range of products and services that your members expect. Keep in mind that there will always be “the next big thing”; strive to be steps ahead of your competition, and your members for that matter, when creating a roadmap for product offerings and future development.
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