Monday, June 2, 2014

3 Mobile Challenges Credit Unions Should Think About

Steve Hoke, CUNA Mutual Group's leader of the AskAuto app wants credit unions to think about three challenges when it comes to implementing a mobile strategy:

Time - it's the biggest challenge for credit unions wanting to start or increase their mobile presence. Hoke says to take the time to see what "mobile channels your members are using. It'll help you determine what products and services to roll out and when."

Risk - The risk here, according to Hoke, is not going all-in with a mobile marketing presence. He says, "The risk is members will move or switch to a different financial institution if you don't have the right tools." Be mobile in everything you do.

Prioritize - The final challenge is prioritizing what's most mobile-important to your members. Hoke says think of three things:

1. Mobile Banking Channel Platform: get this mobile foundation set before you do anything else.
2. Lending Channel: this is a great revenue driver for your mobile marketing.
3. Engagement of Members: what is the mobile angle of what you do? Members are already there - engage with them.

For more information, check out this full interview with Hoke in CUNA Mutual Group's Digital Lab.