As a credit union, you’re committed to providing your members with the best financial services possible. In today’s digital age, that means offering a mobile banking app that not only meets their needs but exceeds their expectations.
By taking cues from some of the top-rated mobile banking apps in the country, you can enhance your own app and deliver a seamless, secure, and feature-rich experience to your members.
5 Lessons From the Top Mobile Banking Apps
1. Citi Mobile: Prioritizing Ease of Use and Security
Citi Mobile is renowned for its user-friendly design and robust security features. Even members who aren’t tech-savvy find it easy to navigate thanks to its intuitive interface. The app also employs multiple layers of security, including biometric authentication and customizable alerts for suspicious activity.
Application to Your Credit Union:
- Simplify Navigation: Design your app with a clear and intuitive layout that allows all members, regardless of tech experience, to easily access essential features like account management and bill payments.
- Enhance Security: Implement biometric authentication and real-time alerts to protect your members’ accounts. Consider adding a security meter to provide members with feedback on their account safety and guidance on how to improve it.
2. Bank of America Mobile Banking: Integrating Financial Management and Personalized Assistance
Bank of America’s app goes beyond standard features by offering tools that help members manage their finances more effectively. The app includes a spending tracker, a budgeting tool, and a security meter that assesses account safety. Additionally, the virtual assistant, Erica, provides personalized financial insights and assistance.
Application to Your Credit Union:
- Introduce Financial Management Tools: Incorporate budgeting tools and a spending tracker to help members better understand and manage their finances.
- Personalized Assistance: Develop a virtual assistant that can offer personalized financial advice, guide members through transactions, and answer common queries, reducing the need for live support.
3. Chase Mobile: Supporting Financial Health and Growth
Chase Mobile excels in providing tools that help members improve their financial health. The app’s “Credit Journey” tool offers free credit score tracking and a credit report card, allowing members to monitor their financial progress. The built-in budget planner and investment management tools further support members in achieving their financial goals.
Application to Your Credit Union:
- Credit Monitoring: Offer a credit score tracking feature that allows members to monitor their credit health directly within your app.
- Budgeting and Investment Tools: Add a budget planner to help members manage their spending, and consider including investment tracking tools for members interested in growing their wealth.
4. Ally: Banking & Investing: Facilitating Savings and Investment
Ally’s mobile app is known for its comprehensive savings features and user-friendly design. It includes innovative tools like “savings buckets” for specific financial goals and a round-up feature that automatically moves spare change into savings. Additionally, the app offers robust investment management features.
Application to Your Credit Union:
- Encourage Savings: Introduce savings buckets or similar features that allow members to set and track specific financial goals, such as emergency funds or vacation savings.
- Automatic Savings: Implement a round-up feature that rounds up debit card purchases to the nearest dollar and transfers the difference into a savings account, making it easy for members to save without thinking about it.
- Investment Options: If possible, offer investment management tools that allow members to track and manage their portfolios directly from your app.
5. Discover® Mobile: Offering a Tech-Forward, Low-Fee Experience
Discover’s mobile app is designed for members who value tech-forward banking with minimal fees. It’s simple to use and packed with features that make managing finances easy, including credit score monitoring, bill payments, and rewards tracking.
Application to Your Credit Union:
- Focus on Member Value: Highlight the low fees and competitive interest rates offered by your credit union within the app, ensuring members know they’re getting a great deal.
- Comprehensive Account Management: Ensure your app includes robust account management features, such as bill payments, credit score monitoring, and rewards tracking, all in one place.
Evolving to Meet Member Expectations
By learning from these top mobile banking apps, you can enhance your credit union’s mobile experience and better meet your members’ needs. Whether it’s simplifying navigation, improving security, introducing financial management tools, or offering a low-fee, tech-forward experience, these insights can help you create a mobile banking app that not only meets but exceeds member expectations.
Your members deserve the best, and with these strategies, you can ensure your mobile banking app delivers just that. Click the button below to learn more.
