Consider the impact, that mobile banking
will have on something as basic as Internet loan applications. Consumers prefer
experiences that are optimized to their smartphones, as indicated by the fact
that 24% of online applications come from mobile devices (smartphone or tablet)
for credit unions with a mobile presence. According to a CUNA Mutual Group
white paper, 90% of credit unions have an Internet loan application. You
have to assume that these are inevitably being accessed by mobile
devices with a screen about one-tenth the size of a desktop/laptop. Have you considered the user experience of your members? Is your website mobile-optimized? It’s
all about content and usability!
According
to Google, if your website is not mobile-optimized…
• 48%
of customers will believe you don’t care about them
• 40%
will go to your competitor’s website, and
• 1 in
6 will switch to another financial institution
Credit unions must meet customers where they are,
through optimized channels they need and increasingly demand. This is the
marketplace today; location is no longer about being at a major intersection or
near the newest mall. It means being
available 24/7 and ensuring your services are both optimized and maximized for
mobile access.
Non-optimized
vs. optimized loan applications
Optimize your mobile access for all phones and
tablets. This includes ensuring website links are easy to locate and use. Now,
whether your site is optimized or not, Internet lending applications are being
attempted on smartphones and tablets. Offering member-focused benefits like
mobile alerts and iPad and mobile-phone-specific apps also has strong Gen Y
appeal. Alerts can also be set to notify
customers of a low balance, new loan rate changes, and other features.
Other opportunities To Grow Loans Via Mobile
Social Media.
A primary means to engage Gen Y, or Millennials,
is through social media. And many credit
unions have begun targeting new members through social media. There’s an
opportunity to grow social media efforts that will drive sales because social media
users are very likely to conduct financial transactions via smartphones. In fact, 65% of U.S. smartphone owners use
push notifications for social alerts. Social Media is also a tremendous way to
engage customers and learn both their needs and their feelings toward your
products and services. In this way it is
more than just a marketing tool.
Auto Loans
Did you know that 31% of consumers
use smartphones during the car-buying process?
Members are using their smartphones to research the car they want to
buy. With a mobile loan application, you
will enable them to continue the auto buying process to obtain the loan –
possibly while they are still on the lot.
With a mobile loan application, members can apply for loans anywhere,
anytime and on any device.
The "Smart" credit unions will think about the member's smartphones at every touchpoint. Its the member's preferred means of information gathering and their lifeline to the rest of the world - and you're products.
Yvonne Sambrano
Sr. Lending Product Manager
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