Very quickly, mobile is emerging as the most important channel for you and credit union members. The mobile screen is becoming the primary screen for your members and your audience. This screen gives you direct engagement with your audience and must be thought of as a valuable marketing channel, and not simply as a transactional platform.
Social commerce and voice technology is evolving quickly in many industries yet has lagged somewhat in financial services. Expect this to change. Specifically, mobile will increasingly impact the overall member journey and your credit union’s ability to attract and retain just about any market segment. Mobile is not simply a millennial phenomenon! Furthermore, the advent of 5G will dramatically enhance network speed and your transactional and marketing capabilities.
Mobile video is huge now. Its usage will only get bigger and its importance more pronounced. In 2018 smartphones become the dominant way to watch online video. If you advertise traditionally through television, be prepared for diminishing returns. Premium video is a hot commodity with your audience. In the US alone, there are now over 220 premium video services like Netflix and Amazon Prime that circumvent traditional cable and broadcast distribution.
Social commerce is evolving right before our very eyes. Social media is a legitimate sales channel for many industries, yet again financial services lags behind. The more traditional model for social has been to boost overall brand awareness, generating some form of leads and advertise products. Engagement, something I have felt strongly about for years, will continue to grow in importance as people use mobile and social media differently. The advent of “stories” is already having a profound impact on how your members engage social and ultimately how you will engage your members.
Mobile is going to increasingly leverage artificial intelligence as 5G rolls out. With speeds 10 times that of 4G, you’re going to need to consider virtual reality and more creative, digital advertising. 5G also impacts your data strategy, as data will process more efficiently and allows offers to render much quicker. The role of data in your mobile marketing will become clearly vital.
I know I’m just hitting the tip of the iceberg. There is a digital revolution that is occurring and it is coming to your credit union. Rest assured, mobile marketing is about to become a whole lot more important to your credit union and your career.