When it comes to mobile banking apps, members want an all-in-one, frictionless and simple experience. The days of members putting up with slow, inefficient apps is a thing of the past. While many credit unions have tried to remain competitive by utilizing multiple third-party vendors to support different app functions, choosing the right core processing solution to partner with so that your mobile app is built from the ground up--and all in one place--is the more suitable option.

Mobile banking has many benefits for credit unions and their members. A mobile banking app can provide members with 24-7 access to account information, instant bill pay features, and the ability to make purchases, transfer money to friends, and deposit checks with just the click of a button. These revolutionary changes have made banking quicker and easier than it’s ever been. As mobile banking continues to transform the financial industry, credit unions must pay close attention to what’s happening.

According to the Business Insider’s Mobile Banking Competitive Edge Study, nearly 90% of credit union members claim they use mobile banking services. Additionally, more than 95% of millennials report using mobile banking. What this means for credit unions is that having a quality mobile banking app is now an essential part of doing business. However, not just any mobile banking app will do.

The digital age has arrived and is here to stay. Credit union members have turned to digital and mobile banking apps to complete their everyday banking transactions. These changes in behavior combined with the rise of fintech companies such as Venmo and Paypal are forcing credit unions to enhance their digital banking services and mobile apps at a rapid pace.

The growing demand for digital banking services and the rise of fintech companies into the banking space means that credit unions (CUs) have to change the way they do business in order to stay competitive. Members now want access to a variety of online banking services, and the credit unions that fail to provide them likely won’t be around too much longer.

The goal of any credit union is to satisfy the needs and wants of its members. Since the pandemic reshaped the world and transformed how we do business, member habits and behaviors have been changing and changing fast. It should be no surprise that as people try to avoid contagion, in-person interactions have declined significantly, and folks have turned to digital solutions to meet their needs. This trend has huge implications for credit unions around the country.

Although mobile banking and digital wallets existed before the pandemic, their capacity to enable contactless transactions has sent their usage soaring. Today people are buying groceries, sending money to friends, shopping and even applying for loans from their mobile phone, tablet, or computers.

Let’s take a look at why mobile banking and digital wallets have become so popular and why they are here to stay.

No one can deny this year has been unpredictable for both the world and American economies. From how we work and study, to how we watch sports, order food, and purchase daily goods, nearly every aspect of our lives has changed. To stay safe, more and more people have turned to conducting their business online. One area that has seen huge changes is the financial industry as people look for remote banking solutions.

In The Wizard of Oz, a simple farm girl living her normal black and white life gets transported by force to a bright and colorful new world where things she never expected were possible. Most people who know the story would argue that the storm opened up something good for her that she would've missed out on without the shove. COVID-19 came in like a storm and the changes that we've been forced to make as a result may not all be bad. The last few months have pushed a lot of folks to try things they might never have before, like grocery delivery, Zoom calls, and digital payments. While these types of services may have once been ignored by some, that storm has pushed a lot of us into a new reality.

Through no choice of their own, credit unions across the country have been forced to shutter their doors, left struggling with the "now what?" conundrum of trying to continue serving members with the same dedication and personal service as always. Members are traveling on a high-speed learning curve of how to accomplish their to-do lists, while not actually going anywhere. New services and options are popping up everywhere. COVID-19 has pushed companies--and people--to adapt quickly and try new things. The adoption curve is being forced to shift, and now is the time to show members that you already have the services they need.