Today's blog post features a portion of the article posted on The Financial Brand: "Consumers Addicted to Mobile Banking".  To better understand the buying and usage patterns of the modern mobile banking consumer, Carlisle & Gallagher Consulting Group (CG) conducted an online survey of 1,005 U.S. consumers as well as surveying financial services executives at the top 20 U.S. financial institutions. The research also sought to better understand how mobile devices, and the shift in mobile device size (tablets getting smaller, smart phones getting larger), will influence how consumers do their banking in the future. Here is just one part of this report: "Rise of the Phablet."

I engaged in a bit of industry research over the Thanksgiving weekend when I was recovering from my food coma.  Perhaps it was the turkey and stuffing that got me motivated to sit and research the latest trends for credit union core processors.  Or most likely it was the two slices of pumpkin pie that gave me the energy.  It certainly could have been the scoop of ice cream I put on top of the pie... 

Let’s not mince words. If a system is integrated, its products are one.

Now, how many software providers can really say they’ve achieved that? Many pay integration lip service, but few give it serious or sufficient consideration in their software’s design.

Integration is a powerful concept. Social integration promotes civic peace and stability. Economic integration is a key to efficient markets. In mathematics, integration is one of Isaac Newton’s great contributions to mankind. Its familiar sigma ∑ symbol (seen in almost all equations too complex for the average person) literally means the “sum of all parts”, and this concept is essential to science that drives the modern world. Integration brought us from Pong to PlayStation and from Earth to the Moon. 

In 1946, American writer Gertrude Stein said, “Everybody gets so much information all day long that they lose their common sense.” One can only imagine Ms. Stein’s assessment of our day. We are buried under an ocean of information. The challenge, of course, isn’t obtaining information but separating it into something useful.

Shhh…. I have a secret.   I know how credit unions can nab new members from the 35 and under population, and it is not just having a Twitter or Facebook account. It is not just having a mobile app for online banking or online lending. It is not just having advanced credit and debit card security features. Do you want to know what it is?

We have created an eBook for credit unions to gain some insight and advice on using their credit union core technology to Master the Millennials and gain younger members.

Last year, Bankrate.com published an article about an alert shopper who noticed something a little strange about an ATM near a popular outdoor market in Portland, Oregon. A thief had attached a skimmer -- a device that "skims" your debit or credit card number for fraudulent purposes -- to the ATM. The shopper alerted market security, but no one knows how long the skimmer was attached or how many credit card numbers were taken.

The idea of debit or credit card fraud can strike cold fear into even the most tech-savvy consumer. Once someone possesses your credit card or debit card number, you're looking at a long list of action items, the first being figuring out the phone numbers to call for your credit cards and the task of turning them off.

Credit union mobile banking technology is like manna from heaven to those who thrive on instant access to their account information.  Today's omni-consuming members wield their mobile phones like gods, managing all of their financial affairs on these devices, from anywhere, at any time. 

Still these gods of the mobile-verse are not easily pleased.  In the rush to develop mobile phone apps for our market, too many solutions have given the tablet far less attention than it deserves.

Consider that all devices are NOT created equal.  The great advantage of a mobile phone is its portability, its compact simplicity.  Nothing could be better for checking balances, transferring funds, or making a payment.  But what about reviewing a new member application, a member statement or a loan document?  There is a reason why God put his commandments on tablets.  It was just the right size screen.  (Moses might have opted for an iPhone, but he likely struggled with the small fonts after having stared into the burning bush.) 

In May of this year, CNBC carried an article entitled "Fight fraud with remote control for credit cards:"

"Your credit and debit cards are always on, so they are always vulnerable to a criminal attack. If one of those cards is stolen or hacked, it can be used to buy things or drain your bank  account - even if the card is safely in your wallet.

Last year's Target breach reminded us of the threat.

Wouldn't it be nice if you could turn off your cards and shut down access to your accounts when you aren't using them?"

That ability is now available.  And no... you don't need to carry a remote that also operates your TV and DVR.  The remote for this application is housed on your member's smartphones.

Hi, my name is Preston.  I am addicted to omni-consumerism.  You may not understand that term, but my family does because they understand me.  You see, my brothers (both of them) never use the Internet much, they just call me.  The conversation always begins in the typical manner “how are you?”, how are the kids?”, but it quickly moves to the real reason for the call – “what phone did you just upgrade to and why?” or “what tablet are you using?” Most recently it was “what tires did you put on your truck?”.  I had never caught on, until a recent conversation with my mother.  She told me, “you know the reason your brothers call you, don’t you?”  Ummm…  because they like me?  “No, well yes, but no.  They call because you always research everything you buy, they don’t want to spend the time, especially knowing you have already done the heavy lifting for them.” 

Everyone knows someone like me.  I’ve always just considered being an omni-consumer economically smart.  The truth is I am part of a growing consumer movement, which is generally classified by those who are 35 and under.  How do you capture the omni-consumer’s attention? 

“Omni-consumerism concentrates on the seamless approach to the consumer experience, through all available channels/touch points in the purchasing journey,” according to Navigate.  Navigate continued: “The omni-channel customer has 360 degrees of discovery and uses all possible channels simultaneously, prior to purchasing a product.  This means customers are entering stores already well informed about product features and price."