Looking for growth? Lead with mobile

For sometime now, lending institutions have been starting the member journey having a loan relationship to attain growth, while positioning the delivery channels as secondary. It makes sense because of the structure from the business design.

However, the field of personal finance is changing. Today the delivery channel experience has become primary. In many cases, members engage in mobile first before they ever enter an actual retail structure. Members want control over their finances, delivered by means of effortless, instant interactions that do not interrupt their lives. Within this environment, credit unions must understand the requirements of this new member and remain centered on enabling the control, convenience and speed that they demand.

A recent Fiserv Consumer Trends Survey discovered that Increases in cell phone ownership will also be driving increases in mobile banking usage, with 48% of smartphone-owning households using mobile banking.

Specifically:

  • 8 of 10 of U.S. households (86 million) with Internet access now use online banking
  • Of these households who access their accounts via online banking typically 10 per month with 24% of them accessing their accounts daily!

While this data might not be startling with a, what is interesting may be the graph below indicating members who use digital banking (understood to be internet banking, mobile and electronic payments) may use other revenue-generating services.

A word of caution to those getting ready to push their mobile and digital offerings to their members. Make sure that they deliver a 360-degree experience to your member that’s Immediate, convenient and simple to make use of. This is a standard expectation, not the exception.

If your offering delivers, then lead with lead with your mobile/digital and the loans will follow.