This has practically become a given with financial institutions, but providing members a way to quickly and easily deposit a check from their mobile device is a great step towards reducing friction. Going to the local branch can feel like a hassle. Cut out the trip and make it simple to deposit and pay from anywhere. Depending on your processor, you may even get the benefit of advanced image detection technology, which can cross-check against other deposited items to ensure you’re not accepting the same check twice.
When it comes to paying monthly bills, members typically have to visit the website of each service provider to make their payments. It requires different logins and passwords for each, as well. This is friction! With the right integrations to major bill pay providers, your members can have access to all accounts using a single mobile app.
Another great feature tied to bill pay and reducing friction are automatic billing updates. If a member has a stolen or lost card, this service updates card-on-file data with merchants in real time, automatically. No need to sign in to each account and update payment. Your CU can handle that instantly. Not only does this save time and effort for the member, but it also prevents a missed payment and late fees.
If you really want to reduce friction, you need to enable your members to pay from wherever they are - physically and digitally. And peer-to-peer payments do that. One study estimates P2P mobile transactions will grow 27.9% over 2019, to hit $396.48 billion in 2020. That's a lot of payments. Using a core provider that can build your CU a mobile app with open API architecture to work together with merchants will help show your members that you care about their experience and making it as frictionless as possible.