It should come as no surprise that the credit union industry is always looking to innovate. It makes sense; people in the industry have some stiff competition that is always looking to disrupt the market. But how do you continue to make progress, and which direction should you choose when deciding new technologies to use? Well, the answer is almost always in major societal shifts in the way consumers do business. So, if a credit union wants to improve the digital financial service experience for their members, then look no further than the smart devices in everyone’s pocket.
From Apple creating pro-level photography smart phones that rest comfortably in your pocket to the innovative apps that allow most people to take a work meeting from any location, it seems that fewer and fewer people feel the need to have a laptop or computer for their daily use.
While most businesses have already started to adapt to this new, mobile-first world, many industries, including credit unions, are falling short. Instead, most CUs still rely heavily on desktop apps and online portals that don’t give the best mobile experience for their members. That’s why there’s a case to be made for mobile debit and credit card payment methods.
4 Reasons to Adopt a Mobile Payment Method for Your Credit Union
Alerts & Reminders
As mentioned above, it might be hard to provide a reminder or update if your member is always on the go. However, one of the biggest benefits of accepting mobile payments is that everyone has their phone at hand 24/7. Therefore, sending SMS reminders and receiving payments via text provides your business with faster, more consistent on-time payment options that are also convenient for your members to use.
24/7 Payment Acceptance
Your staff can’t always be around. Having such gaps in your collection process will end up costing you a significant chunk of change. Providing an IVR system to collect payments in those twilight hours automatically can help you regain some of that leaking revenue and ease the burden on your staff at the same time.
It’s an ideal and functional solution that solves two core problems every business has.
In the age of Amazon, consumers have grown accustomed to a certain level of convenience, and why should their credit unions be any different? There’s no denying that being able to make your payment with a simple text response is the ultimate level of convenience. Providing your members with every channel in which to pay and manage their bills gives both you and them the flexibility to pay on time as quickly as possible.
If you had to choose between a credit union that offered all the bells and whistles of the modern era and one that forced you to go into a physical location to process your payments, the choice would be easy. While most credit unions have some means of digital payment, the same logic applies to better digital experiences. Why would you go with a credit union that doesn’t invest in new technologies that keep your finances safe and your transactions convenient? Building on that trust and adding the convenience factor can go a long way to making your brand stand out among the hundreds of options that your member can choose from.
Keeping your members satisfied and engaged is key to maintaining a lasting relationship and growing your existing audience with referral programs. One of the best and easiest ways to accomplish this goal is implementing a mobile strategy that incentivizes on-time payments and works with current trends. When it comes to a channel that boasts a nearly 100% open rate, it’s hard to compare the convenience and flexibility that mobile payments offer.