Mobile banking has many benefits for credit unions and their members. A mobile banking app can provide members with 24-7 access to account information, instant bill pay features, and the ability to make purchases, transfer money to friends, and deposit checks with just the click of a button. These revolutionary changes have made banking quicker and easier than it’s ever been. As mobile banking continues to transform the financial industry, credit unions must pay close attention to what’s happening.
Furthermore, advancements in technology have led to new features in mobile banking, such as user-friendly interfaces, real-time customer service, digital loan options, and fast and reliable transaction speeds. These advancements, combined with increased mobile phone usage, have changed the market and what members expect from their mobile app. For credit unions to remain relevant, they must make sure their mobile banking app is up to the challenge.
Important mobile banking statistics
It should come as no surprise that mobile banking is on the rise in the United States and around the world. Credit unions who wish to remain competitive in 2021 and beyond should be aware of the changes happening with mobile banking and what steps they can take to improve their mobile banking app.
Listed below are some key statistics about mobile banking:
- There are over 5 billion mobile users in the world.
- In 2020, over 85% of Americans used a mobile device to check their bank balance.
- In 2020, payments made with mobile devices topped $500 billion.
- Nearly 80% of smartphone owners have made a purchase with their phone sometime during the past six months.
- In 2021, nearly $700 billion in revenue will be generated by the mobile application market.
- Mobile app fraud has been on the rise since 2015.
- More than half of all retail sales online are through mobile eCommerce.
These statistics reveal the importance of mobile banking for credit unions of all sizes. And while it’s important that credit unions never forget their core values of community and personalized service, the future of banking is digital and the effectiveness of CU’s mobile banking apps will play a huge role in determining future success.
What do members want from their mobile banking app?
The constant evolution of technology and the encroachment of Fintech companies into the banking space is reshaping member expectations at a rapid pace. As member behavior changes, credit unions must pay attention to what their members want and need from their mobile banking app and do everything they can to provide those services.
Listed below are some of the trending features that members are looking for in a mobile banking app in 2021:
- A user-friendly interface. Members want an interface that is intuitive and easy to use. Everything from the design to the flow of the application should be considered and created in a way that is as frictionless as possible. Features that members use most frequently, such as checking their balance, should be easily accessible.
- Safety and security. With the rise of mobile and digital banking throughout the world, the threat of fraud has increased. Services such as facial and voice recognition, eSignature options and biometric authentication are essential features in order to keep members’ information safe and secure. Gaining the trust of members, especially those who are not accustomed to mobile banking, will be important for all credit unions moving forward.
- Account management services. These tools allow members to perform basic banking tasks in the app. Credit unions should strive to offer a frictionless, single-channel mobile experience.
- Alerts and push notifications. Alerts and push notifications can help credit unions protect member information and communicate more effectively with them. For example, an alert can be sent to a member if their password is changed or an unusually large purchase is made. These alerts can help earn member’s trust and avoid potential issues like fraud. Messaging can also be used to make members aware of certain services and deals your CU is offering, as well as to foster a better relationship with members.
- Balance information. One of the most common things members use mobile banking for is to check their account balance. Your mobile banking app should make this and other frequently-used features simple and easy to find. Members should be able to check their account balance(s) quickly and directly from the mobile banking app.
- ATM and branch locators. Just because mobile banking is increasing, doesn’t mean members don’t need access to ATMs and branches. A mobile banking app that allows members to search for ATMs and branches through GPS or a search function is ideal.
- Speed and efficiency. At the end of the day, Fintech companies and the evolution of technology have reshaped member expectations. That’s why your mobile banking app needs to be fast and provide a seamless experience for members. Credit unions can no longer expect members to put up with confusing user interfaces or slow transaction speeds.
A credit union core provider can help you make these trends a reality
One of the most efficient ways of reshaping your mobile banking app to meet current member demands is by choosing wisely which credit union core provider you’re going to use. It's true, some credit unions choose to outsource their mobile app, as well as work with various third-party providers. But it makes for a lot of headaches for the CU, and often creates a difficult user experience for your members.
Core providers, such as FLEX, have helped credit unions of all sizes create and deliver a mobile banking app that is fast, efficient, and provides a seamless mobile banking experience for members. To help you deliver a unified and seamless internet and mobile banking experience for your members, learn more about our core-based mobile app by downloading our guide to Mobile Banking: