Credit unions can use mobile banking to their advantage in many ways. All of these uses ultimately strengthen a credit union's brand and customer relationships. Because credit unions can customize mobile apps by removing and adding features, they're able to tailor an app to their specific banking service offerings.
In 2022, Business Insider found that 61% of banks in the U.S. regarded improving the customer experience as a top priority. Insider Intelligence found that 81% of credit unions found improving the member experience was a top priority. Banks and credit unions compete with each other and their peers when it comes to providing a great customer experience. Here are a few ways credit unions can use mobile banking to their advantage.
When customers are on the move, mobile banking allows the credit union to keep in touch. Notifications can be sent when an urgent issue needs attention, such as a credit card payment coming due or a bank balance falling below a minimum. Notifications can also be sent for timely offers such as a low-rate credit card or HELOC promotional that is set to expire soon.
Credit unions don't have to shove every feature into their mobile banking. This will make the app more busy than it has to be. Start with what's important to members (via surveying). Then expand with new features slowly.
The ability to digitally deposit checks and make bill and credit card payments are very common features. All should be available in any mobile banking experience.
Security is a big concern for credit union members. Mobile apps allow easy integrations with biometric authentication. Credit unions should take advantage of these mobile phones' built-in security features. Such features also allow members to log into their mobile apps more easily and quickly. Additionally, if a card is stolen or lost, members can disable the card right from the mobile app.
Creating a successful mobile banking experience means playing the long game. Listening to customers and keeping the app simple will help your credit union give its competition a run for its money.
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