ATLANTA (6/24/13)--If credit unions need more evidence about the importance of offering mobile banking, another study concludes that consumers want it all--in the palm of their hand.
Consumers expect strikingly similar mobile and technology-powered experiences from financial institutions and businesses, and their expectations are fueled by skyrocketing smartphone use, according to a new study from Atlanta-based First Data..
"They expect a mobile banking app to be as easy to use as shopping online, for example. And they want to be able to pay for purchases with whatever method is most convenient to them," said First Data's executive summary.
Consumers expect three features in their Web-based shopping, payments, banking and money management, the study found:
What does this mean for credit unions? Credit unions pride themselves on how well they know and serve their members, but these findings suggest they must translate this knowledge into their real-time technology to be effective under the evolving expectations for personalized service, said the Credit Union National Association. Fostering service excellence is one of three components driving credit unions' national campaign, Unite for Good, which strives to achieve CUNA's strategic vision for credit unions, where "Americans choose credit unions as their best financial institution. For more information, use the link.
"When we talk about evolving consumer expectations, what we're really talking about is an expectation of higher levels of service and a drive toward simplicity, with the consumer at the center of it all," said Larry Drury, chief marketing officer at First Data.
"Much of this change in expectations is driven by the proliferation of smartphones, which have fundamentally altered how consumers around the world go about their daily lives. Understanding this impact on consumer behavior has profound implications for doing business today," Drury added.
First Data's online study surveyed nearly 4,000 consumers who had a bank account and either a debit or credit card in 10 markets, including the U.S.