The term “mobile banking” has risen to the top of many credit union wish lists these days! A 2012 Federal Reserve Board survey found that one out of five Americans used a mobile phone to access a financial account within the last 12 months. Even more, 20% of consumers indicated that would be likely to use mobile banking in the future. For consumers, mobile banking means two things: mobile applications and a mobile website.

Mobile Applications

Mobile applications are becoming a necessary convenience service. Your members will be looking for applications to assist with their daily chores. Heck, I ordered my groceries from a mobile app the other day! While iPhones seem to be soaking up the limelight, there is a need for both iPhone and Android compatible applications. According to a 2012 Nielsen survey, Apple iOS (iPhone) market share is 43% versus a 48% market share for Android.

Mobile applications reach your existing members and provide a new remote channel for managing their finances. Whether it’s checking a balance or transferring funds, a mobile application will enhance your credit union’s convenience and appeal, especially to a younger target market. Most mobile banking users are between the ages of 18 and 29 – they are the future of your credit union!

Mobile Websites

Mobile websites, on the other hand, are useful to both members and the community. A non-member won’t know to download your mobile application but they very well may Google search your credit union (or local credit unions) from their smart phone and want to learn more about you. If your site is graphics heavy or disorganized, this is a red flag about your level of professionalism and service. Depending on the mobile device, you may want to offer a choice between a full or a mobile website.

Mobile websites make your credit union’s virtual branch easier to use by adapting your information and design to be viewed on a smaller screen. They also incorporate user-friendly navigation for smart phones and normally incorporate only the most important or most popular information.

The Wave Of The Future

While less than half of American consumers currently own a smart phone, their popularity is on the rise as new products and technologies emerge and price points drop. That makes mobile banking a critical element of your credit union’s service and delivery strategy for the future.

By the way, when was the last time you redesigned your website? If you can’t remember it’s probably time! MPI delivers award winning websites, and mobile websites, for credit unions. Get the details here.