How important is offering mobile access to customers to the financial industry today?
New smartphone lending data from CUNA Mutual Group shows that 25% of all loan applications to its loanliner.com service now come through a mobile device.
In fact, 63% of adult smartphone owners now use their phones to go online, and 34% of this group search online using their smartphone rather than a computer, according to the Pew Research Internet Project.
Website optimization for smartphones is a key business practice to ensure financial institutions do not miss out on the huge millennial demographic. One in six millennials now say they are likely to seek a new financial provider because of a poor mobile experience.
If credit unions do not innovate through mobile offerings they are likely to lose out with both current and potential new customers who may go elsewhere. Do you know for certain that your credit union’s website is optimized for mobile devices?
A mobile optimized website has been designed and formatted to read and navigate easily on the smaller screens of mobile devices. It reformats itself for a list of handheld or tablet devices.
Make sure to visit your website from your smartphone to test what your members experience.
Mobile-optimized sites allow smartphone users to bank, shop, or compare products, in an optimal manner, wherever, whenever they want.
More than ever, major purchases such as buying a new car and applying for financing are being pursued on mobile devices. Sixty-three percent of auto shoppers researched and shopped online using their mobile device while at a dealership, according to Placed Inc.
Many credit unions already are leveraging that access through the loan application process—loanliner.com, for example, now averages $4 million in loan applications each day by mobile devices.
In addition to mobile optimized websites, apps are also a primary means of researching and making a major purchase on a smartphone. In fact, smartphone users now report spending 80% of their mobile time in apps, reports Digital Buzz Blog.
Apps now make up 47% of Internet traffic according to a study by Enders Analysis cited by CNN Money. In that study, personal computers clocked in at 45%.
Although total Internet use on mobile devices has previously exceeded that on PCs, this marks the first time it has happened for app use alone.
One such app helping credit union members research vehicle purchase options is the AskAuto® app, available to credit unions through CUNA Mutual Group. With the AskAuto app, your members can scan the vehicle identification number (VIN) of cars they are interested in to get helpful information including the average retail cost and mileage estimates.
And when buyers choose vehicles, they can apply for a loan from their credit union directly through the app.
Whether it’s through smartphone loan applications or apps used to research product choices, your current and potential members are seeking mobile access. Ensuring that your services are available when and where they are is critical to your future success.