When it comes to mobile banking apps, members want an all-in-one, frictionless and simple experience. The days of members putting up with slow, inefficient apps is a thing of the past. While many credit unions have tried to remain competitive by utilizing multiple third-party vendors to support different app functions, choosing the right core processing solution to partner with so that your mobile app is built from the ground up--and all in one place--is the more suitable option.
Having a core-driven mobile app for your credit union is the best way to create a frictionless experience for your members. A credit union core provider that can write software and incorporate all your CU’s functions and features into a coherent core-driven mobile app is key.
The benefits of an all-in-one banking app
Recent research has shown that nearly 70% of people would rather conduct their finances through a single banking app, and that approximately the same percentage would prefer making purchases with a single all-in-one app rather than using cash or credit cards. These numbers increase among younger generations.
While market research reveals consumers' desires for an all-in-one banking app, the reality on the ground is that many people still use multiple banking apps on their phones. Furthermore, many credit unions decide to contract third-party vendors to add features they can’t handle, creating a user experience that is rife with friction.
By partnering with a quality credit union core provider, you can build your mobile app from the ground up, and provide a seamless all-in-one app experience for your members. Listed below are just a few of the mobile products that can be generated from the core:
- Remote Deposit Capture
- FICO Credit Score
- P2P payments
- Push Notifications
- Bill Pay
- Touch ID
- Remote Control Cards
- eSignatures
- Digital lending services
- Unique, native apps
As competition in the digital banking space continues to increase, choosing the right core provider to build the foundation of your digital banking ecosystem will become increasingly important. If you’re partnered with too many third-party vendors or you’re not sure about your core, now is the time to narrow down a list of credit union core providers and begin your transition.
How to take your credit union mobile app to the next level
Many credit unions of all sizes have chosen to partner with FLEX, which provides credit unions with core system software and can help CUs integrate all their mobile and digital banking services into one seamless, coherent application. FLEX includes single-point access cards and built-in support, internet and mobile banking, digital lending, eSignatures and auto decisioning, document management, overdraft privileges and other features that can bring your CU’s digital banking capabilities to the next level. To help you get started, download our guide to Mobile Banking. It's full of tips and suggestions about our core-based mobile app:
