There is no question whether mobile banking is the latest fad or gimmick; it’s the latest expectation. The credit union arena has continued to evolve with mobile banking and members are drawing conclusions about CU’s based on their experience with their apps. Members expect their credit unions to provide them with the fastest, most secure and most convenient options when it comes to mobile banking. In 2016, according to creditunions.com, 48.4% of the 108 million credit union members used their provider’s mobile banking or website applications, and 55% of all credit unions have mobile banking capabilities. With such a strong emphasis on mobile, is your digital experience best-of-breed or run-of-the-mill?
Members are making comparisons and ensuring their provider is among the best, and to them, the mobile experience should be a simple one. If a member has trouble making transactions via your app, they may question your CU's ability to provide them with a streamlined experience with all of your other, bigger ticket services. Providing your members with an app that can perform numerous capabilities such as convenient payments and transfers, loan application forms, bill pay and remote deposit capture, instills trust and interest within current and potential members.
Members also need to feel their mobile experience is absolutely secure. If your app is clunky, hard to navigate and generates regular error messages or is completely down, they will doubt that the app is secure and may be less likely to trust it. In turn, that lack of trust can project onto your entire credit union operation. Members with bad experiences are likely to share those experiences with other members and potential members as well. It's a domino effect of doubt. Maintaining your member's trust is critical to the health of your CU.
FI Navigator, a digital banking analytics platform, recently announced that the FLEX mobile banking app is in the top 3 for average satisfaction rating of credit union mobile banking apps among core vendors. Additionally, with more than 160 apps in the appstore, FLEX now ranks #2 in total market share among core processors for mobile banking apps and owns 10% of the market.
It's not enough to just offer mobile banking. The mobile experience must be simple, but with all the options available that a member might need. It has to feel current and competitive with other financial apps. Members should be able to rely on the security and dependability of your mobile offering. They need to be able to trust the app as much as they trust your credit union.
