Mobile Model: How Community FIs Can Strengthen #Digital Offerings

Consumers want convenience and ease of use when it comes to banking. Keeping our recommendations in mind when growing and evolving digital offerings, can help community FIs remain competitive in the ever-changing world of online banking.

By 2020, forecasts show more than 80 percent of consumers will use mobile banking. As this prediction illustrates, it is increasingly important for community financial institutions (FIs) to consider new methods for optimizing their digital banking platforms.

Simply offering consumers a mobile banking option may not be enough for FIs to successfully compete in the digital space. Mobile should be just one element of an FI’s digital strategy. A recent CUTimes article outlines eight strategies for building a successful digital model. I’ve highlighted five of those tips below.

  1. Streamline channels — Using one platform to house all online and digital offerings affords FIs a uniform user experience across channels. Multi-channel offerings don’t have to result in a disjointed consumer experience.
  2. Emphasize convenience — Making it convenient and easy for consumers to create new accounts and roll over information from different FIs online can be a driver of account generation.
  3. Make it mobile — Community FIs should consider incorporating a more mobile look and feel to their websites, as this is increasingly the method consumers prefer to access online banking.
  4. Use big data —  Data’s value in creating customized user experiences cannot be ignored. The more information an FI has about a consumer, the richer the experience they can offer through digital channels.
  5. Focus on the consumer — Engage consumers with offerings related to their specific wants and needs. Quality customer service should remain top-of-mind throughout all consumer interactions, including (and perhaps especially) digital.