Callahan Clients, please log in for direct access to:
Learn What You're Missing
Upgrade Your Subscription
Thank you for your interest in reading the fantastic content we have on CreditUnions.com! However, the page you are trying to access is for subscribers-only. To learn more, select an option below.
All users must now log in to read, research, browse, and have fun on CreditUnions.com. Yes, we still offer freebies. And, yes, it’s worth the extra effort.
Print or PDF this article today because you won't have access to it later. Or, click here to learn how to get 24/7 access.
Now that a large number of credit union members have embraced mobile banking, it’s time for credit unions to move beyond thinking about these channels as mere alternate transaction gateways and start leveraging them for more effective sales and communications efforts.
This channel is already being used for some organic communication. But examining members’ channel preferences – or simply asking them what channel they prefer – will open up new opportunities to use e-mail, text-messaging, Internet banners or secure messaging to complete service requests, send alerts, or provide updates on things such as loan approvals or late payments.
Many mobile banking solutions offer members the ability to set the types of alerts they wish to receive (low balance, NSF, transactions over a certain amount, etc.) via the channels they choose.
It may be trickier for credit unions to leverage the mobile channel for cross-sell, but when done right, marketing through this channel can be an effective and cost-efficient strategy. For the best results, consider using a software that allows you to review member usage and buying profiles, and control the flow of messages (i.e., type and frequency).
The up-front cost of this type of software will soon be recouped by eliminating redundant and annoying marketing to members and by pushing relevant messages to these individuals wherever and whenever they choose to interact with you.
Whether your focus is on honoring your members’ communication preferences or leveraging the mobile channel for more cross-sell, delivering a consistent experience across all channels — including the branch — is paramount. As the next evolution of mobile baking begins to take hold, with expanded options such as mobile account opening and person-to-person (P2P) payments, it’s important that members experience the same standards, workflow, and communication regardless of where they decide to open an account or how they transfer money.
Credit unions must not be complacent about staying on top of this evolving mobile landscape. Continuous investments in security and emerging technology will need to be made in order for credit unions to maintain their reputation as technological innovators and safeguard member loyalty.
The mobile banking revolution will continue to move forward with or without you. In order to grow membership and retain existing members, credit unions must constantly look ahead and continue to invest heavily. By leveraging the mobile channel to the maximum degree, you can secure a win-win for both the institution and its members.
This sponsored content article is provided to the credit union community for shared insights and knowledge from a recognized solutions provider in the industry. Please note that the views and opinions offered here do not reflect those of Callahan & Associates, and Callahan does not endorse vendors or the solutions they offer.
If you are interested in contributing an article on CreditUnions.com, please contact our Callahan Media team at email@example.com or 1-800-446-7453.
September 9, 2013
No comments have been posted yet. Be the first one.
Submit your email address to receive daily industry updates and web-only features.
P: (800) 446-7453 | F: (800) 878-4712
1001 Connecticut Ave. NW Suite 1001
Washington, DC 20036