Technology Evolution is a theory that looks at the radical transformation of society due to technological developments, and is broken into 3 stages: It began with humans' use of tools, slowly evolving to their use of machines, and then rapidly progressing to automation and Artificial Intelligence. The evolution of the mobile banking app has undergone a similar, albeit on a much less grand scale, transformation. What started as a tool for early adopters to check balances and perhaps transfer funds from their cellular devices, mobile banking apps in their infancy still required members to perform the majority of their banking functions either online or in-branch. As the technology advanced, more and more features became available to members, where the app was put to work to perform banking tasks members used to have to do on a more manual basis. In the past couple of years, however, mobile apps have rapidly evolved to automate many parts of the banking experience for members. Integration of product features and a better user experience have become the expectation, not the exception, for members using your credit union's app.

Mobile Banking is expected to hit 3 billion users by 2021. For members, this increases convenience and efficiency. For credit unions, a larger amount of market share is available to gain a younger generation of members and to serve the under-banked. For hackers, the opportunities to steal confidential financial information are abundant! Hackers are targeting mobile phones and banking apps using malware and phishing schemes, and while security measures on smartphones are becoming more and more sophisticated, the criminals are relentless. Here are 10 reminders for members (and you) to help protect their data when using mobile banking apps:

In July of 2019, a report was released that found over 1 million internal transfers occurred in that month alone in US Financial Institutions, making up 67% of all money movement that month. The surge in P2P (Person-to-Person) payments continued, while A2A (Account-to-Account) payments between accounts at different financial institutions also rose, witnessing 2.35% of active digital users digitally transferring funds between accounts at various banks/credit unions. Not surprisingly, the overwhelming majority (77%) of those transfers came from smartphones. For Credit Unions, this is another strong indicator that mobile app development and enhancements are becoming a must have for members.

In the past, some credit unions avoided self-service options. Credit unions were built upon the idea of personal service -- providing the highest quality of customized care for their members. However, credit unions today will benefit from self-service offerings. While many members still value personalization in their banking experience, they often prefer self-service channels over face-to-face interactions. According to a survey by Zendesk, 75% of respondents identified self-service as a convenient way to address customer service issues, and 67% prefer self-service over communication with a customer service representative. Self-service channels won’t replace your credit unions valued MSRs, but they will allow for greater efficiencies for both staff and members. Here’s how your credit union can begin to incorporate self-service channels for improved operations and happier members.

The Federal Reserve Bank of Boston conducted studies earlier this year that produced shocking results. After polling 565 financial institutions, it was revealed that 20% do not offer mobile banking. 14% of respondents also noted that they have no intention of offering mobile banking any time soon. In a world that’s so focused on mobile, it may come as a surprise that some banks and credit unions are so uninterested in offering mobile banking solutions. Here are 3 reason why digital banking is worth the investment.

The holiday season is in full swing and consumers are flooding the internet, local department stores and shopping malls in search of the perfect gifts for family and friends. While this is supposed to be the most wonderful time of the year, it can turn into the most stressful time quite quickly. Although people want to buy what their loved ones want, it’s not always within the budget. Holiday spending is expected to reach 1.1 trillion dollars in the United States this year and while the rest of the nation is busy spending their hard earned cash, your credit union might encourage members to be smart with their finances. Here are 5 tips that will help members stay on budget this season.

Any business in the modern era needs a website. People turn to the internet to find the products and services they need and those who don’t have a website lose out on significant opportunities. However, just having a website isn’t enough. Outdated sites not supported on mobile devices, or those that load slowly will deter members, not to mention lower your credit union's rank in the all-important eyes of Google. Studies have shown that if a user’s attention isn’t captured within 7 seconds, they will leave the website. Thus, the first impression is critical. For credit unions, there are some specific considerations when building or redesigning a website and must-have features to include:

At the close of trading on August 22, 2018, the stock market made history by setting the record for the longest bull market ever recorded. The last low set by the S&P 500 index was on March 9, 2009, making this run 3,453 days of fairly steady growth, with the S&P 500 climbing by more than 320% over that period. A bull market refers to a market that is on the rise and is typified by a sustained increase in market share prices. During a bull market, investors have faith that this upward trend will continue, and will invest more. But not all investors are keen on stocks these days. Another report made the news last week that surprised some economists: Millennials actually prefer cash investments over the stock market, even in this long-standing bull market.

Credit unions often carry a reputation for being too small or not providing the same range of services compared with bigger financial institutions. However, credit unions are a $1.4 trillion industry and they are aggressively competing with their counterparts in the banking industry by offering products and services members are demanding.¹  Credit unions have made huge strides to become competitive with banks, and offer a wider variety of members services than one might expect. Here are 10 fast-facts about credit unions that may surprise you:

The Amazon Effect is a term commonly and increasingly used to describe the effect that the entire digital marketplace has had on traditional forms of commerce. The Amazon Effect has also changed the buying habits and expectations of your members. The impact that Amazon has had on the retail sector is well documented, especially when discussing the changing landscape with a brick and mortar store.  Not only has the Amazon Effect introduced consumers to a near frictionless shopping process, it has changed the mindset of consumers to expect more immediate results, not just in retail, but across many other aspects of their lives. The financial industry has certainly felt the effects and members, especially Millennials, expect a similar experience with their credit union.

Just as retail consumers want a quality experience in front of their computers as when in a shopping mall, members want the Amazon experience from their mobile banking app. They want the same member services as if they were in a branch. Immediate answers, full range of services and assistance just a click away. The more a member can get accomplished on your mobile app, the more they experience the value of mobile banking and the more loyal to the credit union they become.