2015 was the year of mobile. How will you use it to differentiate in 2016?

Admit it. The typical mobile banking app is rather boring. I mean seriously, there is not much to it. The user fires it up, goes in, checks a balance, moves some money, pays a bill and then gets out. That’s it. It’s kind of like your website, only in a mobile version. To all of my credit union friends that have mobile banking, congratulations! You now have yet another commoditized product, because for the vast majority of you, there is too little differentiation in your mobile banking platforms.  And if you have yet offered mobile banking, you’re likely reading this in a printed format.

Mobile banking is remarkably critical to your future. According to research published by KPMG, already 16% of consumers feel mobile banking is an important factor for switching financial institutions. That ratio goes to 25% for millennials. Mobile is the new norm in driving a digital experience and it’s moving beyond simply providing a utility to address banking chores. It will need a lot more of your attention (and money) in 2016 and beyond. Already, some 30% of U.S. companies are spending (each) upwards of $10 million on apps and mobile Web. Their spending and innovation will drive the cravings of consumers. Apps and mobile functionality will need to provide high-utility experiences, and that’s not something credit unions are doing today.

While member convenience and immediacy are now the key drivers of mobile, as 2016 rolls out, I hope you’ll consider the following:

• Remote Deposit Capture (RDC) is not a novelty and it’s time to introduce it.
• Remote Payment Capture (RPC) is going to gain in popularity.
• Deloitte reports that 72% of consumers want biometric identification. Hint: Mobile security can be a differentiator.
• Mobile marketing will become a “thing” for most credit union marketers.
• Mobile banking will move beyond simple transactions and members will want to do more with you via mobile.
• Mobile banking may become mobile “engagement” and it offers an ideal method to stay tethered to members.
• PFM has moved beyond budgeting and will become a staple of mobile banking. Context driven, predictive sensitive insight and functionality will help members make good financial decisions. Sounds like advocacy?
• While consumers still don’t know why they need a mobile wallet, mobile payments will continue to pick up speed and we’ll see plenty of innovation here. Soon you’ll need a mobile payments strategy. Watch for developments in tokenization and enhanced security.

Here are 4 questions you should have an answer for:

1. What’s your mobile strategy?
2. How will you use mobile to differentiate?
3. How will you use mobile to engage members?
4. How will you use mobile to drive advocacy?

Deva Annamalai, Director, Innovation and Insights, Fiserv, said it best. “In the upcoming election year, customers will vote for their preferred bank based on the quality of mobile offering. Organizations that invest more in this technology will see loyalty and revenues grow.”

I hope you’ll be one of those organizations. Happy New Year!