Delivering The Full Member Experience Within Mobile Banking

The opportunity most credit unions are overlooking.

 
 

With most banking now taking place on mobile, credit unions must innovate to deliver the full customer experience where their members are — straight to their fingertips. 

A study conducted by Citi found that mobile banking is among the top three most used apps, with a 50% increase from 2017 to 2018. With more people using mobile every day, credit unions cannot afford to miss out on the massive opportunity within mobile to go beyond transactions and offer the sales and service members seek. 

While many credit unions today are of a siloed mindset — where in-branch, mobile, and online experiences are considered separate and distinct entities — today’s consumers don’t differentiate between channels. Rather, they view banking as an omnichannel experience. 

Members’ expectations are the same whether they go to a branch, bank online from home, or on their mobile. If they have questions, they expect the ability to ask them within mobile just as easily as they would in branch with a teller. Likewise, if a member is interested in learning about savings accounts or loan rates, they should be able to easily do that within mobile banking. 

Credit unions have long thrived by delivering great member experiences, seamless transactions, competitive and unique products, and outstanding service. With the growing popularity of mobile banking, credit unions have invested in technology to build out robust transactional experiences for their members. From mobile deposit to transferring funds to bill pay, the ability to conduct fundamental banking transactions is available and well utilized. 

Where credit unions lack, however, is providing the sales and service they excel at delivering in their branches, to the mobile devices of their members. This is a huge opportunity most credit unions are missing. Based on SilverCloud’s data there are about 2,000 opportunities per every 25,000 accounts in which there is expressed intent to inquire about how to do something or to adopt a new product, and these are going entirely uncaptured in mobile banking.

The Evolution Of Banking

With the advent of digital transformation, and more banking activity moving to mobile, the sales and service aspects of banking have gradually become more diluted as banking has become more transactional and less sales and service oriented.

There is only one direction for credit unions to go; and that is to give consumers what they want and demand — the ability to connect with their credit union anytime, anywhere and to get the same level of sales and service they do at a branch, on their phone. Mobile banking provides a plethora of opportunities to do just that. 

Leveraging Mobile Banking To Go Beyond Transactions

Credit unions need to do more to provide similar support and service in their mobile channels as they do within their branches. Here are three easy ways credit unions can begin to leverage mobile banking to go beyond transactions to seize the opportunity to deliver sales and service to their mobile banking members.

  1. Embed a robust help center within mobile banking.
    Make finding and accessing digital support a breeze. Utilize support content from your website and embed it within your mobile banking to allow members easy access to help content like, “How do I reset my password?”, “How do I transfer funds?”, etc. Make sure the most frequently asked questions are answered in a manner that answers the questions, provides additional information, and creates a call to action. 
  2. Utilize chatbots to further engage members.
    Add live chat or an automated chatbot for an additional avenue to engage with your mobile members. Chat can be utilized to learn more about members’ financial goals and needs and then suggest relevant content and/or products and services and help point members in the right direction.
    It’s not uncommon for chat usage to double once added to mobile banking, which can put a sizeable strain on call centers. Utilize support content in the form of a chatbot to allow members the ability to self-answer common support questions and use live chat for more complex questions and issues. 
  3. Provide clear, concise product information.
    Members no longer consider mobile banking purely transactional. They consider the mobile app an extension of a credit union branch where they have come to expect support and sales information. That said, provide links to your key product information within mobile banking to encourage members to explore your offerings.

When credit unions fail to go beyond transactions in mobile banking, they miss out on a vast opportunity to provide sales and service through a channel where members are the most present. The consequences of not doing so can result in increased call center volume and missed opportunities to engage with and upsell products. 

Learn more about bringing sales and service back to mobile banking. Join SilverCloud for an exclusive webinar on Wednesday, July 17, at 2 p.m. ET. Register here. SilverCloud’s Conversational Banking platform delivers better service and better support for over 200 banks and credit unions. Visit https://silvercloudinc.com/ to learn more.

 

 

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 ads@creditunions.com or 1-800-446-7453.

 

July 8, 2019


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