Published on CU/CB Insight February 2016

Prioritize your mobile image in 2016

Today’s mobile-first consumers expect their financial institution to be accessible wherever and whenever they want. In fact, Javelin predicts that 81% of U.S. adults will use mobile banking by 2020. With more consumers choosing to bank through the mobile channel each year, how can banks and credit unions create a powerful mobile reputation in 2016? Adopting these three key standards for the mobile channel will ensure your stellar mobile reputation.

Number One: Anywhere Account Opening Process

Your mobile reputation starts with a first impression—opening an account. Your mobile version of this process should allow for fully end-to-end, all-inclusive account creation, funding, and identify verification all through a tablet or a smartphone. If this process is not user-friendly or convenient enough, your institution could fall victim to the now prevalent 80% mobile account opening abandonment rate (Mobile Strategy Partners).

Number Two: Intuitive and Responsive Mobile Banking Application Design and Experience

Creating a fully-optimized and responsive mobile experience is critical to your mobile reputation. Chances are high that if consumers perceive a less than satisfactory experience, they’ll happily close your app and move on to a different institution’s app that’s more user friendly—costing you their business. Design a mobile banking app in which navigation between each screen and prompt requires as few maneuvers and keystrokes as possible.

Number Three: Industry Standard Features and Technology

Consumers expect to be able to conduct the same transactions through the mobile channel as they can through online banking and in your branch. In the past, specific mobile features and technology used to distinguish one institution from another. Today, features like remote deposit capture, mobile account opening, funds transfers, mobile bill pay, and mobile loan applications, are expected features of any mobile banking app, and should be on your roadmap.

Credit unions and banks need to make their mobile reputation a priority in 2016. This includes the new account opening process, providing an intuitive user interface on all devices (smartphone and tablet), and offering staple features and technology to give account holders the ultimate level of convenience. Implementing these three baseline standards will allow your institution to construct a solid reputation for excellence.

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