Looking to Engage Younger Members? There’s an App for That

Casey Mysliwy, Assistant Editor, Credit Union National Association (CUNAverse)by: Casey Mysliwy, Assistant Editor, Credit Union National Association (CUNAverse)

Are you constantly searching for new ways to build a relationship with a younger generation of members?  If so, you’ve probably heard time and time again that you should be providing mobile banking services to allow members to quickly access their financial information on the go – generally highly preferred by younger members.

While there may be some hurdles to jump over before fully integrating mobile technology at your credit union, here are a few key statistics for why this option can’t be ignored.

Did you catch this infographic about smartphone app use on Mashableearlier this summer? New research from Nielsen has revealed just how much app use has skyrocketed from 2011 to 2012. Among the findings:

  • The average number of apps per smartphone has increased from 32 to 41.
  • Time spent on apps vs. the Web has jumped from 73% to 81%.
  • The number of Android and iOS users has taken a huge leap, from 38 million to 84 million.

How do these findings affect your credit union? Some CU-specific research  provides more insight into the increase in smartphone app and mobile use and the implications this has for credit unions.

According to the “Measuring Social Media Success in Credit Unions” report from the Filene Research Institute:

  • Overall, 15.5% of credit unions report that they have developed a smartphone app.
  • About 21.3% of credit unions that use social media use smartphone apps.
  • App use has increased throughout the year, with 13.9% of all credit unions developing apps.

And from CUNA’s 2012-2013 Credit Union Environmental Scan (E-Scan) Report:

  • More consumers will use mobile devices to obtain loans, particularly younger members. The average age of a credit union member is 47, but the average age of users of CUNA Mutual’s Smartphone Loan technology is 29. In addition, completion rates for CUNA Mutual’s mobile loan application are more than 50%, compared to 40% to 50% for all Internet loan applications.
  • In a survey of 450 credit union CEOs and senior executives, 48% listed mobile banking as one of their top tech projects for 2012. In addition, 39% prioritized mobile payments.
  • While mobile payment transactions already total $240 billion annually, the market is expected to double or triple in the next five years, according to Juniper Research. By 2013, one in five cellphones worldwide will use near field communication (NFC) technology; by 2014, Google estimates that 50% of cellphones will use NFC technology.

It’s clear that mobile technology is booming, and an increasing number of credit unions are diving into the world of smartphone applications, mobile lending and mobile payments.

What tools and technologies is your credit union using to build relationships with younger members?

Casey Mysliwy, Credit Union National Association (CUNAverse)
Casey contributes to CUNAverse, CUNA’s social media outlet. Casey is a graduate of the University of Wisconsin-Madison with degrees in journalism and mass communication and history. 

Casey Mysliwy

Casey Mysliwy

Casey is assistant editor in the center for personal finance at Credit Union National Association. She writes, edits and blogs for CUNA’s online consumer publications, including Home & Family ... Web: www.cunaverse.com Details