87.9% Of U.S. Adults Do Not Use Mobile Banking. Do Your Members?

This week, CreditUnions.com looks at best practices to make the most of mobile and online strategies.

In preparing content for this week on CreditUnions.com, I came across an interesting stat in a blog by core provider FLEX. The blog cited a 2015 survey that found 87.9% of U.S. adults did not use mobile banking because they felt their banking needs were being met without it.

That begs the question of how to move members who are satisfied with what they have to new channels that might or might not meet their needs?

One way is to make new channels as efficient and easy to use as the more established ones. And that’s exactly what the credit unions profiled this week on CreditUnions.com are doing.

In 4 Ways To Deliver A Superior Experience In The Virtual World, writer Erik Payne looks at how four credit unions are using new delivery channels and transaction capabilities to exceed member expectations. Online delivery channels are giving members 24/7 access to their finances, and these cooperatives demonstrate how differing resources and member preferences mean not all credit unions are interested in implementing the same delivery channels and online transaction capabilities.

At Interra Credit Union mobile banking is a way to build loyalty and engagement, especially among coveted millennial and Gen X members and potential members. That’s why the Indiana institution rolled out a mobile loan application platform in April 2015 that extends and unifies it digital presence. And in little more than a year, Interra has increased remote loan applications by 50%. Callahan contributor Susan Levi Wallach has the story read it today.

Even the best-planned conversion of an online and mobile banking platform can go off the rails. What a credit union does to righten the train shows character and strength. That’s what VyStar Credit Union learned when it underwent an online banking conversion in in early February 2016. Today, the credit union has the benefit of hindsight to realize what it did right in the immediate aftermath of the conversion and how it would improve things in the future. Learn more in this QA with Judy Walz, the credit union’s senior vice president of marketing and planning.

Who’s using mobile payments? What’s the typical age of a smartphone user? What percentage of U.S. consumers use a phone to pay at a merchant location? Learn all this and more in the CreditUnion’s Graphic Of The Week, Mobile Payments On The Move.

Finally, best practices in the digital age aren’t applicable to only new products and services. When Redstone Federal Credit Union set out to deepen existing relationships through nurturing emails, the Alabama credit union hadn’t launched a major new product in a decade. In May 2014, the credit union used its marketing automation platform to drive up usage of two cash-back checking account and earned of a return to the tune of 12,500 new checking accounts. Redstone now has a new appreciation for powerful tools and actionable data. Senior writer Marc Rapport has the full story in a QA with Betsy Pruitt, Redstone’s online marketing manager. Learn more in 4 Emails Pave The Path To Marketing Success.

Happy Reading!

July 11, 2016

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