Credit unions need to understand members’ demand to bank via their mobile devices, according to Fiserv's 13th Annual Consumer Trends Survey.
Today’s consumers are increasingly attached to their devices and want control over their finances in a way won’t interrupt their lives.
“There is little doubt consumers need and want digital banking services. The only real question is who will be the first to deliver the solutions they want most,” the survey says.
Digital financial services such as online and mobile banking, electronic bill pay, and person-to-person payments offer credit unions opportunities to deepen relationships.
Members are ready to digitally connect to your credit union.
Sixty-eight percent of survey respondents have a smartphone, while 87% of millennials have mobile devices. Additionally, 81% of respondents use online banking, including 75% of those above age 60.
Digital services can ease members’ daily lives.
According to the survey, 83% of consumers say receiving and paying bills is a medium- to high- effort task, and they worry about due dates and avoiding late payments.
According to the survey, these three steps can put your credit union at the center of your members’ financial lives by driving adoption of your digital banking services:
1. Focus enhancement on just-in-time and just-in-case offerings. Members want their banking transactions posted online immediately.
They also want timely security alerts, bill reminders, and balance alerts sent directly to their phones.
2. Educate members to close the awareness gap. Once your digital banking features are in place, use all of your member touch points to highlight the advantages of the features.
Train staff to champion the services and answer member questions with confidence.
3. Market the most salient value propositions to current and potential users. Emphasize the ability of your digital banking services to increase control, convenience, and save time.
Also, leverage your knowledge of individual members to show off products that they’re most likely to desire.
Increasing use of digital banking is critical for credit unions because members who use them are more likely to use other revenue-generating services, the survey reports.
Online bill pay users, for example, use an average of 33% more services than nonusers.
“The implication is that users of digital banking and payments are among a financial institution’s most valuable customers,” the survey says. “Use of these services often predicts the use of other revenue-generating services and offers a critical opportunity to deepen relationships with customers.”