5 – You Can Save Money. Cool mobile banking SmartApps can save you money. Simple examples, such as mobile check capture, lower transaction and processing costs. By moving expensive activities to the mobile self-service channel, lower costs are attainable. Other examples, such as moving an end-user to mobile e-statements on an iPad, will also realize cost savings by taking out production costs. The more people who use mobile, the more savings can be attained and on average a bank or credit union is seeing 4%-5% growth in the channel month-over-month, so this is a winning strategy.
4 – You Can Empower Employees. The single biggest factor in a successful mobile banking conversion campaign are employees who deal with customers and members on the front line. These employees are just waiting to be empowered to educate end-users on the benefits of mobile banking. By providing great training tools combined with incentives for converting members and customers, a community financial institution can drive mobile adoption higher and higher. Your employees want to be involved, so “just-do-it”, empower them to be successful.
3 – Older Members and Customers Want It. The fastest growing segment of growth for mobile tablets are older demographics. There are many sources that can substantiate that claim. It is a misconception to think that members and customers over 55 don’t use mobile apps. Who do you think is snapping up all those iPads and Samsung tablets? Driven by viewing pictures and games, these end-users are an important component of mobile banking growth. They want it and they are your most profitable constituency so ignore them at your own peril.
2 – You Can Manage Risk. Simple features, like a debit card on/off switch, can dramatically reduce risk and fraud. When an end-user leaves their debit card off, they stop fraud in it’s tracks. In many ways the mobile channel is more secure than any other channel, as there are technical advantages such as the “closed” nature of the SmartApp environment, or the intimacy of the devices themselves, that make mobile a very secure environment when compared to other self-service and assisted service channels. Coupled with new security features such as biometrics (Apple please provide us with an API for the fingerprint feature of iPhones), risk can be mitigated on the mobile channel.
1 – You Can Out Innovate Money Center Banks. Community credit unions and banks can out-innovate the large banks. Lets face it, mobile banking has not been properly exploited by the large financial service players. They are too big to keep up with the rates of innovation and too timid to try. Mobile banking can be a competitive “leveler” allowing a $100 million institution to outshine large competitors. This is a fact proven out time and time again in the marketplace. Long live community financial institutions who embrace the mobile channel and have the guts to push innovation ahead of the pack.