From CUNA Mutual Group Public Relations
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SAN DIEGO – The rapid growth of mobile technology presents a myriad of opportunities and some challenges as credit unions attempt to meet their members’ mobile banking expectations, a lending expert told attendees of the California & Nevada Credit Union League Annual Meeting on Thursday.
Mark Nelson, LOANLINER® specialist, CUNA Mutual Group, said Gen Y members aren’t alone in embracing the convenience and benefits of smartphones and other mobile devices. He said a study indicates 25 percent of Americans say they are now doing most of their browsing on their mobile devices instead of their computers.
“It’s interesting and relevant to credit unions that consumers use their mobile devices as a primary method of accessing the internet,” said Nelson. “Think about it. If that’s their primary method of access to the products and services on your web site, are you ready for that?”
Nelson cited a CUNA Mutual Lending Strategies and Trends study in 2010 which showed approximately 30 percent of credit unions offered mobile-enabled loan applications and nearly the same amount planned to in the future.
“If your members are – or will be – applying for loans on your web site with a mobile device, does that loan application work on a smartphone? Is it suitable for a very small screen on a smartphone?”
Nelson cited loanliner.com®, CUNA Mutual’s online loan origination system used by more than 400 credit unions, to illustrate the importance of having the technology members need to navigate a loan document on their smartphones.
He identified two technology approaches to accessing a mobile loan application – Native Apps and Mobile Web. Nelson said when creating loanliner.com® technology for mobile devices, CUNA Mutual opted for Mobile Web, which optimizes the loan application for use on a smartphone.
“Rather than installing a program, or app, on the smartphone, Mobile Web detects the browser used by the mobile device and serves up mobile web pages optimized for that device. And because compliance is such a significant aspect of our loan origination product, we need to have control over app updates due to the quarterly compliance updates loanliner.com employs.”
Nelson added: “In the mobile world, the ability to ensure the member is always applying using the most current and compliant version is complicated by whether the loan application is a Native App or uses the Mobile Web. We decided the best way to help credit unions remain compliant is to go with Mobile Web.”
In addition to its compliance benefits, Nelson said Mobile Web optimizes the web page to fit your mobile device so the user doesn’t have to scroll around to see the entire page. “This simplifies and cleans up the page so members can more easily access and navigate a loan app – for example. It makes it less difficult to navigate the loan application on a small screen and can improve the completion rate of loan applications,” he said.
CUNA Mutual Group insurance, retirement and investment products provide financial security and protection to credit unions and their members worldwide. With more than 75 years of true market commitment, CUNA Mutual’s vision is unwavering: To be a trusted business partner who delivers service excellence through customer-focused products and market-driven insight. More information on the company is available on the company’s Web site at www.cunamutual.com.
CUNA Mutual Group is the marketing name of CUNA Mutual Insurance Society, its affiliates and subsidiaries, including CUMIS Insurance Society, Inc. Product availability and features may vary by jurisdiction and are subject to actual policy language. Corporate headquarters are located in Madison, Wis.