Today, experts in the financial industry stress the importance of every financial institution having a strong mobile presence. However, many financial institutions worry that investing in a full-scope mobile strategy is too expensive and have put off purchasing mobile solutions or settled for less advanced solutions.
Ocean Communities Federal Credit Union was one such financial institution that wanted to expand their mobile banking solutions, but were tied to a pre-set budget. However, Ocean Communities understood that in order to remain competitive in the financial marketplace and credible to their members they needed to strengthen their mobile offerings. The credit union, therefore, discovered a way to make some room within their existing budget to implement a more robust mobile banking strategy. “Everyone is busy and mobile is no longer just a convenience. It’s an absolute necessity for many,” said Judy Morin, CEO of Ocean Communities Federal Credit Union. “Yes, we want to contain costs and attract younger members, but we also want to retain the members we have, and when we asked, we weren’t surprised to hear that mobile was a must-have.” In addition to improving consumer credibility, the investment in Allied Solutions’ mobile solutions led to Ocean Communities FCU becoming the first financial institution in Maine to offer mobile loan applications to their customers.
The bottom line is that purchasing mobile solutions will indeed cost money up front, but by improving communication, strengthening relationships, increasing accessibility of products and services, and building overall consumer trust, investing in a strong mobile strategy will achieve high-percentage ROI results very quickly through increased adoption of bank products and services and overall business growth.
To read the full case study regarding the Ocean Communities FCU partnership with Allied Solutions, click on the link below.