Last year, the Federal Reserve made the case that mobile phones are playing an increasingly important role in personal financial services. In its Mobile Financial Services report, the Fed noted: 61% of mobile phones are smartphones,51% of smartphone owners have used mobile banking in the past 12 months,12% of people who do not currently use mobile banking say they likely would within the next 12 months, and 17% of all smartphone users have made a point-of-sale payment using their mobile phone in the past 12 months.
Together, this data supports the fact that it has never been more important for financial institutions to have a mobile presence. These devices have changed the way the public banks and have introduced a wider set of uses that are growing by the day. Read The Mighty Mobile Opportunity to learn more about three evolving capabilities that credit unions should consider right now.
The Internet connects individuals from all over the globe to products, services, and information. And as consumers’ experiences with and expectations for online interactions change, credit unions are revisiting their website strategies. But building a new website or redeveloping an old one can be time-, labor-, and cost-intensive. Given all the moving parts involved and the near-endless opportunities now available within this channel, it can be difficult to prioritize what matters most to members today and what will allow the site to remain relevant for years to come. In More Than A Website, representatives from credit unions and website design companies offer their insight on where they think this channel is heading.
On the brick-and-mortar front, Kentucky-based Park Community Credit Union is introducing a virtual component to its physical branches to improve service, membership, and business. In January 2015, it became the first credit union in the commonwealth to deploy interactive teller machines (ITMs).
The ITM-equipped branch is staffed remotely by tellers who are as comfortable on camera as they are with numbers and people. Branch staff is available on-site to help members interact with on-screen tellers and interview users about their virtual experience as they leave.
So far, so good, says president/CEO Jim Spradlin.
Brick-and-mortar is still important to the future of credit unions, but we also believe the expectation of members will change based on the experience they have with the technology, he says. They want the convenience of the electronic experience without losing the personal touch.
Learn more from Park Community’s success in Virtual Reality Meets Physical People.
Finally, check out the CreditUnions.com Graphic Of The Week, The Future Of Banking Is Now, for a breakdown of notable digital banking trends.