While mobile banking usage continues to increase and grow in popularity, it is still essential for credit unions to answer any questions their members may have about the services. Find out the top concerns regarding mobile banking and how to address them.
Your credit union members want access to their accounts quickly. So it should come as no surprise a report found that 61 percent of people use their mobile phone for their banking needs. However, there are still some lingering concerns about security, functionality, and enrollment when it comes to mobile banking.
Security
Whether it is paying a bill or checking an account online, your members want to feel protected when using mobile banking. The Federal Reserve conducted the Consumer and Mobile Financial Services survey to uncover the main concerns surrounding the fear or hesitation of using mobile banking. The top three worries for consumers were someone stealing their data, their phone getting hacked, and losing or having their phone stolen.
While you cannot control whether or not one of your members lose their device, you can assure them you are investing in the latest technology that will keep their information safe. Member Access Pacific (MAP) not only has consumer-facing features in place such as customizable fraud alerts, but there is also a suite of fraud detection services designed for credit unions. The Falcon Fraud Manager, Managed Real-Time Decisioning, and Risk Services Manager are just a few of these features.
Functionality
The primary appeal of mobile banking is convenience. When surveyed, 66 percent of millennials said they visited their financial institution in person as opposed to 81 percent of Baby Boomers, so functionality is vital. Your online banking needs to offer more beyond the standard ability to check account balances.
MAP’s mobile app offers numerous features your credit union members will love. Members can turn their cards on and off with card controls, make online payments with the payment app and even pay their friends with person-to-person payments.
Enrollment
The final concern associated with mobile banking is the enrollment process. Your members do not want to jump through a lot of hoops to gain access to digital banking. Opening an account should be a simple process, whether in person or online. From there your mobile app should be easily downloadable through the app store of their choice.
MAP’s mobile app is easy to integrate into your credit union’s services and can be completely customized to match your credit unions branding. One of our mobile banking experts will partner with you throughout the process to make sure the launch of your mobile app goes seamlessly.
Want to learn more about MAP’s mobile banking? Contact us today and you will be prepared to address any concerns your members may have regarding mobile banking.
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