Simply offering a mobile banking app to your members is not good enough anymore - it needs to perform well and quickly provide the information members are looking for in order to hold its own against the competition. The interaction should be seamless, and the app should respond easily with just a touch or screen swipe. It should offer a user interface that appeals in layout, is clearly understood and able to be followed. In short, their digital experience should leave your members satisfied, frustration-free and ready to come back for more. 

 

It's no secret that Twitter has struggled to maintain traction in the competitive market of social media. The popularity and use of their social media platform, where you can post - or tweet - 140 character messages, has become stagnant after getting off to a great start. Internally, it has had layoffs to slim down staff in an attempt to refocus and reinvigorate its growth. More recently, the company has seen turnover even at the highest levels, and at one point looked into options for selling the company.  What happened?

Having a savings account or some form of a savings vehicle is one personal finance practice that has remained tried and true. Even as kids we were encouraged to save money in our piggy banks. Over the years, the popularity of different savings account options have phased in and out, impacted alternately by the current state of the economy, interest rates, and government policy. However, maintaining a savings account for emergencies, a vacation or an unexpected expense has remained an important part of any healthy financial plan that credit unions continue to stress to members. There are a few different options out there, each with pros and cons depending on your member's situation; how liquid they need their funds, if they can supply and maintain a minimum balance, and the time frame they could let their funds grow untouched. A little member education can go a long way when it comes to choosing a savings account that works. And having savings account options is key to ensuring you meet your member's needs.

 

With the increased use of mobile banking apps, cybersecurity has quickly come to the forefront as an imperative measure to guard against hacking and fraud. In a recent study, researchers predicted that smartphone subscriptions could hit six billion globally by 2020, and 81% of adults in the U.S. will be using mobile banking. As all of these members transmit their usernames, passwords and account information over the local area WiFi, there is an increasing amount of vulnerability that could lead to their information being compromised.

 

Similarly, online banking has also felt the impact and the need for more robust security measures, as credit unions now offer loan and account applications and a variety of other transactions over the internet, capitalizing on the convenience and ability to reach an account holder at home or on the go.

It seems many members have embraced mobile banking from the onset. The idea of not having to wait until 9 am the next morning to talk to a teller or wait until you are at home in front of your laptop to see if a check cleared has its obvious benefits. While most people are familiar by now with the conveniences of a mobile banking app, there are several marketing efforts out there illustrating the benefits these apps can provide. Picture a woman out with friends who suddenly realizes she doesn't have her credit card in her purse. After a brief moment of panic, she whips out her phone and instantly freezes her card. She then walks calmly through the frozen crowd to retrieve her lost card, still sitting absently on the table with her bill at the restaurant they just left. A simple solution - offered through remote control cards in her mobile banking app - to an  inconvenient and often  common problem.