Innovating Lending Forms and Mobile Apps at Your Credit Union
As technology advances and becomes more affordable, nearly 81% of people own a smartphone. All the information one could need is at the touch of a screen. The days of dialing a phone number to find out what hours the credit union is open are long gone. Running a quick Google search or taking a peek at social media is the best way to find out when in-person banking can be done. Naturally, as technology advances, credit unions need to expand options for digital banking and lending.
Business Insider reported in 2019 that more than half of the credit unions they surveyed saw an increase in mobile transactions and wallet adoption. In today’s digital age, a mobile app is crucial for credit union member retention and growth. Members want to have access to their finances at all times, and the most efficient and effective way to do that is with a secure app.
There are many services a mobile app can provide for credit union members. Card controls, real-time account balance, transaction history, money transfers, and mobile check deposits are just a few that members could utilize daily.
There are two major hurdles for consumers in the credit union industry surrounding mobile banking. For people who are not apt to using smartphones, the small screens and lack of human interaction can be off-putting. Reading loan information on a small cell phone can also cause issues when it comes to viewing important documents or disclosures.
The second concern is security. Security should be the number-one priority for credit unions when developing mobile banking apps.
Investing in the development of an app can be costly for credit unions, but the benefits for members are unmeasurable. As the world is moving toward mobile now may be a good time to look at how an app can help your credit union.
Citing the Expectations & Experiences consumer trends survey done by Fiserv, Inc. in 2019, businesswire.com reports that nearly two-thirds of people who applied for loans did so either partially or fully online.
The bread and butter of credit unions are lending services. If members are unable to apply for an auto loan or home equity line of credit online or on the mobile app, members are likely to look elsewhere for their lending needs. Credit unions can get ahead of this by automating lending applications on their mobile app and integrating data processers to streamline the entire lending process.