This week CreditUnions.com takes a deep dive into credit union mobile and digital strategies.
Here are five data points you need to know:
Mike Wettrich is a former state regulator with years of experience examining shops across the Buckeye State.
That’s how he knew soon after he arrived as CEO at Education First Credit Union ($98.3M, Westerville, OH) in August 2014 that something wasn’t quite right with the technology at his new cooperative.
A half-million dollars and one year later, Education First now has a scalable, compliant, adaptable network that meets disaster recovery standards and enables the credit union to offer modern products and services in a more secure environment. Learn more in "$500,000. 2 IT Directors. 1 Major Upgrade."
According to first quarter data, approximately 3,300 credit unions offer mobile banking to their members. That corresponds to 55.5% of the industry.
To see how credit unions with and without the technology stack up in five important performance metrics, check out "What A Difference Mobile Banking Makes."
When a 2015 website redesign for San Francisco FCU rendered the site unusable for visually impaired members, the California cooperative worked with public interest lawyers to create a better online experience, one in line with the public accommodation requirements for websites outlined in the Americans with Disabilities Act.
Since the 2010 passage of the current website accessibility law, more than 240 lawsuits have been filed, according to a February 2017 article in the ABA Banking Journal. Today, slight changes — such as incorporating sharp contrast between type and background color — can make a significant difference in whether a member can use their credit union’s website.
To see how the credit union worked with a blind member, his attorneys, and a technology provider to improve website usability, read "Tips To Improve Website Accessibility."
The data breaches of yesteryear are becoming the cyber heists of today, making for what’s shaping up to be a good year for thieves and not so good for credit unions and those who insure their losses.
CUNA Mutual says a benchmarking survey of client credit unions shows a majority reporting an increase in fraud losses over 2016. That's despite the fact that we're only halfway through 2017.
But as losses mount, awareness remains the best antidote. Learn more in "Digital Dirty Deeds Are Coming Home To Roost."
That's the percentage of credit union members who use their institution's transactional website.
The world is moving toward a completely digital environment. Understanding a credit union's digital penetration is crucial to building a strong marketing and communications strategy. Read more in "2017 Mobile And Digital Statistics."