Digital banking services extend the reach of credit unions, enabling them to retain members who move and support those who can’t make it into a branch.
As the number of capabilities available via mobile banking has expanded, credit unions are better equipped than ever to meet members where there are.
Mobile banking allows members to instantly check balances, deposit checks, pay bills and manage debit and credit cards—helping credit unions stay in step with the faster pace of peoples’ lives.
The mobile channel also facilitates a high-degree of self-service, which can enhance efficiencies for credit unions as it saves members time.
Enabling self service
For members of UMassFive College Federal Credit Union in Hadley, Mass., using self-service options can simplify their transition to the next phase of life.
The $390 million asset credit union serves tech-savvy students, faculty, and staff who often relocate during summers, upon graduation, or at the end of a professional assignment.
Capabilities that may seem small can have a big impact on retention. For instance, the ability to update an address via mobile banking makes it easier for members to keep accounts current after moving to a new home.
“We’ve seen mobile become the driving force when it comes to serving our members,” says Jon Reske, vice president of marketing for UMassFive College Federal. “It will become the preferred delivery system, especially for our demographic.”
Delivering comprehensive functionality
Comprehensive mobile functionality lets $415 million asset Dover (Del.) Federal Credit Union maintain relationships with members, including military personnel from a nearby Air Force base.
Members have the option to use the mobile banking platform to perform most transactions and communicate with staff via a mobile app, ensuring seamless access to service even when branches are far away.
In order to deliver the best customer experience, the credit union ensured that members could complete tasks with fewer clicks and a single sign-on.
Mobile check deposit
For both credit unions, mobile deposit, which enables checks to be deposited via a smartphone, is an essential feature.
“It’s vital for students who work away from school for the summer, and it improves our efficiency by keeping checks out of the mail, the ATM, and shared branches,” says Lauren Duffy, vice president, support services, for UMassFive College Federal.
Mobile banking and mobile remote deposit capture were key to retaining members when Align Credit Union in Lowell, Mass., merged with another credit union in 2015.
According to Sandy Lamplough, Align’s vice president of internet branch and call center, many of the members that were part of the merger were far from any branch.
“We were able to retain these memberships, and we probably would’ve lost them otherwise,” said Lamplough.
The real power of mobile
A recent Fiserv study [PDF] demonstrated that mobile product offerings deliver significant return on investment.
The study showed that credit unions that offer and market mobile banking have increased revenue, lowered attrition, and improved internal efficiencies.
Offering mobile services to help members manage their financial lives will ensure that credit unions continue to meet the needs of members in today’s rapidly moving world.