The e-access features members want most.

According to a J.D. Power and Associates “2014 U.S. Retail Banking Customer Satisfaction Study,” the recently released findings tell us consumers whose banks offer innovative mobile banking are significantly more satisfied than those whose banks do not.  Also from the report: the innovative mobile banking features that show the greatest positive impact on satisfaction are, in order:

• Person to person payments.
• Mobile bill pay.
• Mobile funds transfer.
• Mobile deposits.

Let’s expand that list, though. (The more the merrier, right?) Based on conversations we’ve been having with our many credit union customers throughout the industry, here are the main reasons members are expecting to have mobile banking with their credit union:

• Members are Seeking Complete Self Service, including;  Ordering checks
• Opening new accounts
  ◦ Getting a loan, from the application to signing papers electronically, to getting
     access to the funds
  ◦ Doing Stop Payments
  ◦ Credit and Debit card information and changes

• Detailed access to account information and transactions.
• Access to Statements, both current and past.
• Access to check images.
• 24-hour access.
• Access via PC, Tablet, or any mobile device
• Ability to perform transactions, like transfers, and check deposits.
• Access to all services offered by the credit union.
• Ability to move freely around the world without having to change financial institutions.
• Quick, easy, and secure communication with the credit union via the different devices.
• Ability to easily use account information to include them in the PFM of their choice, such as Mint and Quicken.
• Pay their bills.
• Notification of important account and credit union information.           
• Stay up to date on the happenings at their Credit Union.

That said, it’s important to remember this is not a “one size fits all” proposition. You should find out what your members want and value most, and then create and execute a plan to deliver the desired functionality.

Lastly, don’t fall for the old “if you build it they will come” myth. Even if you have innovative mobile banking in place or plan to put it in place, most members won’t just stumble upon your mobile banking on their own. CU marketers need to promote the availability of these great innovative features to members, educate them regarding how they work, and promptly promote new features as they come out.

David McCullough

Senior Solutions Manager

EPL, Inc.