With new technology comes new risk. We see this often in our daily lives. Keyless entry and remote start for cars are convenient, but it didn't take long for thieves to come up with a device that lets them steal cars that use key fobs. Wi-Fi is essential to efficiency in our home and office, but even with complicated passwords, it can cause security nightmares. Mobile banking is a necessary offering to remain competitive, but Remote Deposit Capture (RDC) opens you up to a new kind of credit union fraud. A recent analysis of 400 FIs found that of all fraud cases involving mobile banking apps, 72 percent included remote deposit capture (RDC) and the use of fraudulent checks.

Once you have made the decision to undergo a credit union core conversion, there is no doubt there will be a number of concerns that keep you up at night. After all, there are many things that can go wrong, but typically, and thankfully, the majority of these problems go unnoticed by members. CU personnel and core partners can correct most issues before the members are affected. However, there is one thing that you can't flub when performing a core conversion... member facing applications, namely, credit union mobile banking.

If your credit union member services don't include mobile, you're not relevant. We live in a world on-the-go and if you want to grow your credit union, you need to provide on-the-go options for your members. This means your member-facing technology needs to be simple, functional and mobile-friendly. Now, Want to know the names of the actors you need to be a hit?

PFM (Personal Financial Management) refers to credit union software that helps users manage their money through visual charts and graphs. While this seems like great technology on the surface, it mostly applies to people who are flush with assets and money to manage. This clearly does not apply to a great wealth of people, no pun intended. While it may be appealing to a subset of your members, here are 7 reasons your members don't really care about these tools, and why your investment and time into pushing PFM's should be limited:

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?

Mobile banking has become an important pillar of success to credit unions, and even more important to your members. In today’s banking climate, Millennials are the most sought after demographic, and it’s no news that they have entered the game with expectations on mobile banking. Millennials are leading the change towards paperless banking and as the largest generation (85-90 million people), this demand should be taken seriously. Americanbanker.com states that 92% of Millennials choose a bank based on its digital services. Here are three things Millennials will expect from your mobile banking app and how you can capture their membership?

The past year has thrown a number of curve balls our way. The presidential election outcome caused major shockwaves. The Cubs finally won a World Series. Cleveland broke their championship drought with an NBA ring. Miss Colombia was crowned Miss Universe... and then she wasn't. LaLa Land won best picture... and then it didn't. Despite all these quirks in the universe, one constant has remained: Nobody seems to like millennials.

Lunch time arrives and it's time to heat up your leftover chicken and rice from last night's dinner. You make your way to the break room and throw your tupperware in the microwave and two minutes later are enjoying the food heated to the proper temperature. Most people don't sit there and contemplate the inner workings of the microwave and how Percy Spencer leveraged radar technology developed during World War II to invent it. They simply care about warm food. Similarly, members don't think in terms of core technology or credit union software, they are only concerned about the convenience and overall experience they receive. It's only when your technology fails to provide what your members need that it becomes an issue for them. So, ask yourself, are credit unions in the technology business or the financial services business?

Forget the buzz word millennials. The newest, and fastest growing, generation is "Gen C". The C stands for "Connected" and the group spans all age groups, but with the common trait of being digital natives and exceptionally tech-savvy. "Gen C is a powerful new force in consumer culture. It's a term we use to describe people who care deeply about creation, curation, connection, and community. It's not an age group; it's an attitude and mindset defined by key characteristics."¹ No matter what business you're in, when it comes to expectations, having mobile access to your services is a necessity for Gen C, not just a bonus feature. They want to make a reservation without calling the restaurant, order holiday gifts from their couch, and review their stock portfolio on the commute to work. When it comes to banking, they prefer to be able to control their money with a few taps of their touchscreens. However, does that mean they're over branch transactions? Not at all. As with all things, they appreciate the need for balance. 

Millennials are fast becoming the leading demographic for credit union lending solutions. They are prime candidates for mortgages as they move out from under their parent's umbrella and settle down in homes to start families. They are generally distrustful of big banks and are looking for alternatives to high-interest auto loans. 

The number of Millennials banking with credit unions rose to 25 percent in Q1 2016, compared to 20 percent 3 years ago. More importantly, there is one thing millennials love almost as much as their phones: convenience. For this reason, here are three crucial components your credit union's lending solutions must have to stand a chance at capturing this emerging market.