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Why Mobile is Essential to Your Bank or Credit Union Growth Strategy

Meredith Olmstead
Jan 28, 2019 10:10:00 AM

Are you wondering if your "non-responsive," "somewhat dated," but "still functions ok," website is really hurting your Bank or Credit Union growth strategy?

Well the answer is a resounding... Y-E-S!!!

Here are just a few recent stats that might help you see why the user's mobile experience is essential in order to grow your Financial Institution:

  • 80% of Internet Users Own a Smartphone*
  • 83% of Mobile Users Say That a Seamless Experience Across Devices is VERY Important*
  • 57% of Users Say They Won't Recommend a Business With a Poorly Designed Mobile Site!**
  • Apps Account for 89% of Mobile Media Time*

We are talking about over 236 MILLION smartphone users in the U.S. alone, and that number is only growing (see chart below).

So the time for waiting to make your users' mobile experience better is OVER!

U.S. SMART PHONE USE PROJECTIONS - 2010-2019

credit union growth - mobile stats image

And what all of these numbers mean in real terms is this...

Experience is key.

The experience a smartphone user has on their phone drives, to a huge extent, where they decide to spend their time and money.

Consumers want an omni-channel experience with the businesses they interact with on a regular basis. Which means they want to have a similar experience on mobile, desktop websites and in person at bank or credit union branches.

What does that look like... well, it should be responsive, personalized and friendly. All of these mobile interactions should feel good to your customers and build confidence in your bank or credit union's ability to serve a user's many and varied financial needs.

Experience drives word of mouth. 

A huge factor in the banking buyer's journey is what they hear about from friends and family. If you current customers aren't thrilled with their mobile-banking experience, and the topic comes up amongst friends or family, they are MUCH less likely to recommend your institution.

Keep in mind that the reverse is also very true.

If your members/customers are happy they will share those experiences with others. And on social media, if users are liking, commenting or sharing any of your bank or credit union's content, these interactions show up for their friends and family online, which is tantamount to a digital word-of-mouth recommendation of your institution!

So stay engaged with members and customers online in order to get in front of potential new customers as well!

Mobile apps are a MUST.

For many, and especially the all-important millennials, when a financial institution doesn't have a fully-functioning mobile app, with the all-important remote-deposit capture (RDC), many potential new customers won't even consider the other features your App does have.

These key features of your mobile app need to be implemented ASAP! So set your priorities now and move projects into high gear if necessary.

Reach the underserved via mobile. 

Does your bank or credit union growth strategy involve providing an under-served population access to financial services? (Which is often the case for many community chartered CUs). If so... it's worth noting that "sixty-seven percent of the unbanked have access to a mobile phone, 65 percent of which are smartphones."**

The time for delaying needed upgrades to your bank or credit union websites and mobile apps are behind you. The future is now. contact us today, we can help.  

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*http://www.socialmediatoday.com/marketing/8-mobile-marketing-stats-help-you-plan-2016

**http://www.federalreserve.gov/econresdata/consumers-and-mobile-financial-services-report-201503.pdf

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