Credit unions that aim to meet members’ needs for electronic account access must keep pace with the emergence of the mobile lifestyle, according to a new Credit Union National Association (CUNA) Technology Council White Paper.
The Future of Electronic Account Access: Adapting to the Mobile Lifestyle is based on information gathered from technology leaders at four credit unions as well as five experts from companies that provide financial services for credit unions.
The white paper explores the mobile lifestyle that enables members to shift from one electronic device to another as they move from place to place and task to task. Industry experts say credit unions who fail to meet the needs of these members may risk losing their relationship with the member.
“You either have to engage them on their terms or they’ll look elsewhere,” said John Flora, director of Mobile Solutions Product Management for Intuit Financial Services, Mountain View, CA.
The report identifies account access options that credit unions should be prepared to offer now and in the near future. Online banking is already an essential service, for example, while mobile banking is likely to become a necessity soon.
The experts who shared their opinions and research in the white paper predict that game-changing technology will continue to emerge, which means credit unions cannot afford to become complacent.
“No one would have known three years ago that tablets would take the country by storm and smartphones would be everywhere,” said Nicholas Mathiowetz, Information Technology Manager at Northern Communities Credit Union, Duluth, MN., and a CUNA Technology Council Communications Committee member. “We had an inkling it was there, but the ferocity was scary.”
CUNA Council members are entitled to complimentary copies of this and more than 300 white papers; non-members may purchase the white papers for a price of $50 per copy.
The paper is available online in the of white paper section. Select the “Tech” tab.