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Lack of a Mobile Banking App May Not Lead to an Organization’s Demise, but it Could Cost it Business
Friday, April 5, 2013 6:55 AM

mobile_banking.jpg

Although it’s not likely that mobile banking will replace the branch anytime soon and the lack of a mobile banking app will not likely lead to the demise of a financial institution, an audience of credit union leaders learned yesterday from Brad Ganey of Catalyst Corporate FCU they could very well be losing business by not having a mobile banking app.

According to Ganey, people today are much more mobile, and if credit unions want to remain relevant in their members’ lives, they have to keep evolving and innovating.  Consumers today want more control and want to actively manage their money in a real-time environment wherever and whenever.

Credit unions, he says, need to show members sophistication.  By leveraging technology, Ganey says credit unions can better connect with members.

“Consumers want more than transactions,” Ganey told the audience.  “Consumers are looking for an experience.”

Ganey did caution credit unions against the half-hazard development of a mobile-banking app, saying it’s not something you can develop quickly and check off a “to-do” list.

“A bad app,” he told the audience, “can be worse than no app at all.”

During his presentation, Ganey shared with conference attendees six strategies for mobilizing.

  1. Get out of your own way.  According to Ganey, it isn’t about creating an app - it’s about creating an experience that makes sense.
  2. Create a credit union think tank, and start at the bottom of the ladder.  Ganey says the folks who have the most contact with members can perhaps provide the most valuable input.
  3. Create a member think tank.  Tap members, as well as relatives of employees from various backgrounds, ages, to garner a broad perspective.
  4. Dedicate time to keeping up with changes.  Technology constantly changes; therefore, credit unions too must evolve.  Attending conferences and taking advantage of webinars and other learning opportunities, Ganey says, will help ensure you’re keeping pace with the latest trends.
  5. Expand your “market intelligence.” Ganey suggests looking beyond your own industry for best practices.
  6. Integrate your branch strategy with your mobile strategy. Ganey says it’s also important that the experience aligns with your philosophy. 

When you’ve done all that, Ganey says you can return to the basics

  • What are your bottom-line goals?
  • What are you trying to sell? (E.g. increase loans, increase deposits, etc.)