NEW ORLEANS (6/2/2015)--While financial institutions continue to focus on the execution of mobile payments, Ron Shevlin of Cornerstone Advisors urged participants at the CUNA Payments Roundtable to add value to the mobile experience.

Shevlin explained that smart phones have made Gen Y the most financially engaged generation to date. Millenials can check account balances, transfer money, and make payments and deposits anytime, anywhere. They take photos of receipts. They use codes to get good deals. They never make a major transaction without doing research online first. Provide bad service to a millennial, and you’re sure to hear about it through social media.

The transfer of funds itself is only a part of the mobile experience.

He told his audience that to really understand the value of mobile adoption a credit union has to understand that there are "these mobile moments of opportunity"--and that the payment sits at the middle of the process.

Shevlin noted that consumers share their shopping experiences with friends and family at virtually every stage of the buying process, and that information is tracked by companies as varied as Target, Facebook, Apple and Google.

“But let me tell you something: Google and Apple are never going to tell your member if they can afford to make a purchase,” Shevlin said. “That’s where you can add value.

“My message to you is that you’ve got to be thinking less about the payment and more (about) how to add value before and after the payment.”

For instance, Shevlin said credit unions should become a part of the home- and auto-buying process for members as soon as they start shopping and stay with them through the insurance process. “It’s less about the purchase and more about helping them make smarter decisions,” he said.

“Even if you don’t get the deal, you add value and increase loyalty by helping the member. And you gather more information to help you understand your members better.”

At the same time, the added value a credit union provides both by apps and through advice is likely to be reflected in its bottom line through increased debit income and higher card penetration, Shevlin said.