Mobile Apps or Bust

Mobile banking solutions are quickly becoming an expectation.

March 1, 2013

Mobile banking solutions are quickly becoming an expectation.

Credit unions looking for ways to attract more Gen Y members are finding that apps can be effective, according to a Filene Research Institute report. But how does your credit union create a mobile app strategy?
 
First, take a look around. Review the top financial apps in the Apple Store and Google Play to establish a baseline. Solve a pain point within your member’s financial picture. Then, choose a developer or development team to turn your ideas into reality.
 
Here are three questions to get started, according to Filene:
 
1. What’s the right scenario for your credit union? Consider the options available to you, depending on your budget, your developers, and your members’ needs. Are there characteristics unique to your field of membership you can address with a mobile app?
 
2. Should you develop your app with internal or external resources? If your credit union chooses an external team to develop the app, cost becomes a factor. Also consider the size and experience of the development company.
 
3. Can you do something noteworthy with the budget you have? Think about what a press release would look like announcing your credit union’s app. Now, how would it look if placed next to another credit union’s app announcement?
 
Apps should make your employees’ and members’ lives easier by giving them access to resources and tools whenever and wherever they want.
 
Consumers are driving the mobile app movement, according to Filene. Credit unions have no choice but to keep up. Develop a sustainable mobile strategy that can adjust with technology and member tastes, or risk watching the movement pass you by.
 
"There’s an App for That: Engaging Members through Tablet and Smartphone Applications” is available on the Filene Research Institute website.