Earlier this month, the article Trust is Key in Mobile Banking discussed how credit unions have a significant advantage over banks when it comes to mobile banking, and that is the element of trust. Credit union members display a greater level of trust in their financial institutions than bank members, and this is key to credit unions gaining market share in the mobile banking era. Here are some key excerpts from the article:
Adding to this body of research, an October 2014 report by the Harris Poll found that consumer trust in credit unions held steady during the previous year while trust in banks was in decline. Harris pointed out that many factors have a great deal of influence on the trust Americans have for financial institutions. Personal experience tops this list, with 66% of Americans stating this factor has a great deal of influence on their level of trust. The quality of products and services, quality of customer care and amount charged in fees all tie for next most influential, with 56% saying each of these have a great deal of influence.
The Role of Customer Satisfaction
According to the report, members of credit unions have higher expectations of their credit union than customers of banks do – and over the past two years, not only have member expectations increased, but credit union satisfaction scores have increased as well. Furthermore, member loyalty is greater at credit unions. The likelihood that a member will continue to do business with the credit union is far higher (nearly 20%) than all others measured in the survey.
As long as credit unions continue to be trusted by their members, they should be able to continue to gain new members and increase loyalty among all members with their mobile banking products, especially if they look to innovation in core technology to compete with advanced products and services. FLEX provides native apps for smartphone and tablet devices with unique screen views for each device type. Download our Mobile Banking eBook to learn more.