Mobile account opening and ‘switch’ kits

Mobile sales is the next front in the share-of-wallet battle.

by: David Eads

Every year in the United States., $1.8 trillion in retail banking assets switch from one financial institution to another. This number is growing as Millennials join the workforce.

Credit unions continue to invest heavily in mobile member service tools – and rightly so. However, most credit unions have overlooked the mobile member experience of joining the credit union or adding new products.

On average, mobile accounts for 37 percent of attempts to join credit unions–but 80 percent fail, according to a Mobile Strategy Partners study. Even worse, prospective members with a negative experience trying to join the credit union are less likely to respond positively if approached again.

Credit unions must shift their mobile strategy from service to sales and service.

Retailers already have shifted their mobile strategy. Mobile accounted for 45 percent of all holiday shopping traffic in 2014 and 22 percent of all online holiday sales according to IBM.

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