September 5, 2014

The Mobile Mindset

How important is offering mobile access to customers to the financial industry today? New smartphone lending data from CUNA Mutual Group answers that question:
  • 63% of adult smartphone owners use phones to go online.
  • 34% of those do online searches on their phones rather than a computer.
More to the point, mobile website optimization for smartphones/tablets are key business practices to ensure financial institutions don't miss any demographic segment (boomers, millennials, everyone).  For instance, the "Consumers Want Better Mobile Banking" study discovered this stat:
  • 1 in 6 millennials say poor mobile experience will cause them to find a new financial provider.
Here's the thing: mobile-optimized sites allow smartphone/tablet users to show and compare products easily, whenever and wherever they want. Major purchases, such as buying a new car, are happening on mobile devices. I give you this stat from "Mobile Device Use at the Dealership:"
  • 63% of auto shoppers researched & shopped on their mobile device while at the dealership.
Even inside our own building, we are watching dramatic increases in mobile lending trends. Just look at the graphic below!



Watching mobile trends is part of my job, and I've been talking to credit unions across the country saying if they don't innovate through mobile offerings, they're likely to lose out with existing and potential new members who may go elsewhere. I suggest you visit your credit union's website on your phone and think about how good or iffy the experience is for you - because that's what your members are looking at these days. 

Guest blog post by: Steve Hoke - he's the director, loan growth products at CUNA Mutual Group. Want to know about mobile trends? Ask this guy.