Simply offering a mobile banking app to your members is not good enough anymore - it needs to perform well and quickly provide the information members are looking for in order to hold its own against the competition. The interaction should be seamless, and the app should respond easily with just a touch or screen swipe. It should offer a user interface that appeals in layout, is clearly understood and able to be followed. In short, their digital experience should leave your members satisfied, frustration-free and ready to come back for more.
With all the time, effort and money spent on marketing in order to bring in new membership, losing a member for any reason hurts... and hurts more than just the bottom line. Building an on-going relationship with a member is the ultimate goal, and, over time, represents a greater ROI and more lucrative future business. Though some natural attrition is expected, some credit unions, upon closer analysis, have found they are losing members because of a poor digital banking experience. Members are frustrated when trying to accomplish a basic task outside of the branch, using their mobile app. When multiple attempts are unsuccessful, members have resorted to searching elsewhere for a better solution.
Here are four major frustration points that represent opportunities for improvement within your digital banking app:
1. Slow performance/long load times: When it takes too long for an app to open or a screen to load, the tendency is to shut it down and go another route to get your information. Working with a robust core processor that enables you to provide swift service and handle a variety of APIs will allow you to stay competitive and also keep your members happy.
2. Long registration process: Members want to enroll in programs, open savings accounts, and get access to their information via the app. It's important to have a streamlined process, with easily editable fields, that can be sent directly to the credit union with a simple tap on the 'submit' button. (No branch visits necessary.)
3. Features and screens are difficult to find or navigate to. Usage should be simplified and intuitive.There's a reason your member has chosen the app over logging into the online website or visiting the branch. Convenience and expedited information, especially for the Millennial and Gen-X population, who prefer to have their information as timely as possible.
4. Not able to easily complete basic tasks. Members want to be able to check their balances and transaction history easily, pay a bill and transfer money between accounts and people. These basic choices and options need to be presented on a screen that is easy to view and navigate. Sign-in should be simplified, while still guaranteeing security for their information.
Within the financial industry, credit unions in particular, mobile apps have become the touch point between credit unions and their members, and it is important to get the interaction right. It is important to work with a core provider that is flexible and in-tune with what your members need from their digital banking experience.