How does your credit union stack up against the current mobile banking landscape?
Oak Tree had an article featured in the CU Times magazine. The article highlights the current landscape of mobile banking and the concerns that credit unions may have regarding it. Check out a snippet of the article:
It is moving at lightning speed, driven by consumer demand. Oftentimes financial institutions are slower to adapt, using cloaked terms like “safety” or “security” as a reason for concern. They are nothing more than excuses, really. The recent Equifax breach has shown us that if anything, security must always be paramount. Assuming you are diligent in this regard, there is no reason to be slow concerning mobile banking. It will not work.
Consumers demand banking experiences that can keep pace with their lifestyles. That’s why there are so many different payment gateways. Consider the following list of giants. Entities like Apple Pay, Google Wallet, Facebook Messenger, PayPal, and Venmo all exist to enhance peer-to-peer payment processing. They try to make the payment experience easy and seamless. The fewer steps required for a consumer to perform in order to send money, the better. The less that is required of them to interface with the application, the better. It has become the new marketplace standard.
These are points to consider when fine-tuning your mobile banking application. Your members want three things … speed, ease, and security. It’s why bill payer services were so popular for a while. And while you might not think things have changed much, they have. New payment apps have substantially decreased the fees associated with credit union bill pay services. In many instances, it costs nothing for a member to make a payment. Plus, they are less bulky and easier to use. It’s a true win-win for them.By Richard Gallagher
(note: this is an older blog entry and has been edited since originally posted.)