Everyone and their child has a phone in their pocket or purse these days, and we see how the current generations prefer to use their mobile apps over other forms of interaction. This means we have covered mobile banking and your credit union many times, so we are now consolidating some of the more prominent articles on the topic.
Mobile Banking Good For CU Members & Lending
Credit unions are constantly looking for products that are both good for their members and good for lending growth. Finding something that fits both specifications can be challenging; yet with a little digging, you can strike gold. Mobile banking happens to be one of the areas where more than a few good nuggets exist. Let’s unpack it a bit further and explore the benefits that are beneficial to both aspects mentioned above. Mobile banking is good for CU members & lending at all credit unions!
First, a little bit of backstory. In the eighth annual billing household survey conducted by Fiserv, an interesting statistic emerged. Their findings show that there was a huge increase in households that use more than one method of payment to pay their bills. That number is now 90%. While that may not speak to mobile banking as much, it does speak to consumers. It is loud and clear that they want options. In fact, they demand them now. This is where mobile banking is crucial for members. When looking for fillable forms for mobile banking, remember that Oak Tree provides your credit union-compliant forms for membership documents, consumer lending, home equity lending, and business lending.
Mobile Banking Gives Members a Choice
Offering mobile banking to credit union members gives them the power of choice in the form of continuous access. They can access their financial information at any time. They can also choose to receive paper statements, but the convenience of checking their accounts online is satisfying. It is keeping them in the know and up to date regarding recent transactions. Having 24/7 access has become an expectation. It is part of living in a fast-paced digital world. Mobile banking is indispensable in this regard, and so is Oak Tree for your credit union lending documents.
Mobile Banking Gives Members Flexibility
This aspect is a great selling point for credit union members. Most mobile banking systems are comprehensive, allowing members to perform functions such as:
- Online account management
- Money transfers
- Online bill pay
- Credit score assessment
- Electronic statements
- Budgeting tools
- Retirement planning
- eDeposits
- Card services
- Car Buying Services
- ATM/Branch location information
- Travel notifications for card usage
Having access to all of these features gives credit union members the flexibility they need to control their financial lives. It also keeps everything in one place. Rather than logging into several different online accounts, members simply log into one place and have access to all of the financial tools they need. That’s the ultimate goal in financial flexibility.
How Mobile Banking Encourages Lending Growth
So, how does mobile banking play into lending growth as it relates to credit unions? The answer is straightforward, yet indirect.
When pitching mobile banking services to credit union members, mention the fact that they can check loan balances in addition to regular checking and savings account balances. The accessibility of having this information at hand will keep them up to date and informed. They will know when their next payment is due, how much they have left to pay on the principal balance, and how early payments will affect the amount of interest owed.
Rather than receive another bill in the mail, they can simply log on and check the balance just as they would normally. They have one username and password to get access to all of their account balances, all of the financial planning tools, and any other freebies, such as budget or credit score assessments, offered by your credit union. This is why it’s always a good idea to mention the convenience of mobile banking when pitching an auto or home loan to a member. Oak Tree can set up forms to include digital signatures and optical storage with most systems.
Finally, having a great online banking system could encourage more members to make the switch from their current financial institution to your credit union. More members translate into more people to pitch your lending products to. It is, ultimately, how mobile banking works together for the financial stability of credit union members while encouraging lending growth for the credit union itself. With 90% of households demanding different choices now more than ever, it might be a good time to look at your mobile banking system and see if it offers everything your members are looking for. If not, it might be worth investing to offer more choices with your mobile banking experience. It could drive more members to you, which could easily translate into more lending growth for your credit union.
So, should your members need mobile banking, you can rest assured our Oak Tree documents and lending packages are the perfect complements to the process. All of our forms are up to date and compliant with all state and federal regulations. They are easy to customize and can be tailor-made to reflect your brand. In addition, Oak Tree forms integrate with any data processor. This allows for convenience and flexibility, so you can remain accessible to your members and help them achieve their financial dreams. Email us at clientservices@oaktreebiz.com or chat with us at www.OakTreeBiz.com.
And the next three are articles we had published in Credit Union Times on the topic, still as relevant today as they were then.
Mobile Banking Optimal for Lending Growth
In a commentary article posted on Credit Union Times, our CEO, Richard Gallagher, discusses how mobile banking is optimal for lending growth at credit unions. A crucial topic as credit unions seek to connect with Millennials.
Mobile banking allows credit unions to compete with larger financial institutions. It gives them a competitive edge and greater flexibility. It is also great for lending growth. A study by the Federal Reserve reported that “67% of millennials now use mobile banking, compared to 18% of consumers age 60 or over. This usage gap is projected to widen even more, as 85 million millennials, prone to using their mobile devices for banking, are coming of age.” This translates directly into an increase in lending growth. Here’s why.
Lending Growth and Mobile Banking
One of the greatest assets of mobile banking is 24/7 access. Members can check loan balances at any time, just as they would their checking or savings accounts. They may also have access to other crucial pieces of information, such as principal balance and next payment due date. All of this serves to increase lending growth, as consumers are constantly looking for efficient ways to manage their financial lives.
Richard Gallagher
To read more about how your credit union can increase its lending growth opportunities, go check out the CU Times article, and then check out our lending documents for your credit union.
Credit Unions Navigating Mobile Banking
In a commentary article posted on Credit Union Times, our CEO, Richard Gallagher, discusses how quickly mobile banking is growing and the effects this growth has on credit unions. Credit Unions navigating mobile banking is somewhat of a new challenge, but there are plenty of solutions to keep up with the growth. This new form of payment processing is not going away, and credit unions navigating mobile banking will only be beneficial.
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.
Richard Gallagher
To read more about how your credit union can navigate mobile banking and the solutions, go check out the CU Times article, and then check out our membership documents for your credit union.
The Mobile Banking Landscape
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
To read the full article on the CU Times website, click here.
At Oak Tree Business Systems, Inc., we provide compliant forms and disclosures to credit unions, as well as other products and services.
