Six strategic keys to becoming a mobile-centric credit union

Mobile can no longer be considered "just another channel." It isn't anywhere near the same strategic plane as branches or call centers. Mobile should now be seen as the basis for an entirely new banking model, a shift that is forcing bankers to accept that branches are no longer the center of the universe. Banks and credit unions need to completely reorganize their retail delivery strategy around the mobile channel. And fast.

Sure, everyone knows that mobile is important. It’s impossible to ignore the statistics showing how more and more consumers are interacting with their financial institutions through mobile channels. But banks and credit unions still seem slow to respond.

The Deloitte Center for Financial Services offers a stark reality check: banking providers must radically redefine their retail channel strategies, and immediately reorganize their distribution and delivery models around mobile. This wake up call is the main message from a new report from Deloitte, “2018 Banking Outlook: Accelerating the Transformation”.

Digital consumers today view their mobile devices as appendages of the human body, essentially an extension of their hand — permanently attached, just like their fingers. Checking their mobile phone is the last thing four out of five people do before going to sleep, and nine out of ten consumers look at their phones almost immediately after waking up. Some actually sleep with their phone in their hand. The majority keep their phone within arm’s reach (three feet or less) 24 hours a day.


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