Community Banks and Credit Unions are going to experience rapid change in 2014. Here are some key predictions for the coming year.
Mobile Only Omni- Channel. Mobile will take center stage in two (2) important ways. First, mobile will become the leader of Internet banking in that it will surpass the old legacy channel of Internet in features and functions. Already features like debit card management and picture pay show how a credit union or bank can do things via mobile that they cannot do via Internet banking. But the gap will grow wider in 2014 as mobile continues to innovate and Internet Banking fails to keep up. Second, mobile design and the superior experience members and customers receive through their cool apps, will start to challenge the traditional, legacy usability for the desktop-bounded Internet banking channel. Mobile-only or mobile-first design will win the day. Financial service execs are looking for an “omni-channel” approach, where all channels will converge and look the same and deliver a consistent, cohesive experience to customers/members. And this new solution will look like mobile banking NOT Internet banking as why use an old, outdated legacy design (read Internet banking) when mobile banking already is better. Make it all look like mobile, mobile-only or mobile-first.
Analytics Reality – Little Data. Financial services exec’s will wake up to the need to have analytics drive their future roadmap for mobile B=banking. Analytics bring insight and are not based on conjecture. Case in point; mobile bill pay. Only 3.3% of active users who have access to standard bill pay via their mobile device actually make payments via mobile. Providing bill pay is viewed as critical by all of us, but the numbers do not lie as this usage “data point” is based on millions of logins and over a 130 live financial institutions. Bill pay when looked at empirically has proven to be a failure. Analytics can lead to insight and more and more community financial leaders are going to demand hard-data before they launch in to making decisions related to the mobile channel. Data will prove to be king in 2014. And this is not fancy “big-data” analysis. I don’t even really know what big-data is frankly. I will settle for some basic reports that inform me on how end-users are actually using the mobile channel, let’s call it “little data”. But “give me the data” as this is a new channel and so far too many of us are flying blind…
“Give me my little-data please”