The increasing role of mobile technology was a recurring theme at the World Credit Union Conference in Belfast. In a special breakout session at the conference, delegates looked at how devices can be used to improve member relationship and engagement.
Paul Kennedy, a consultant at Bayberry, highlighted some of the latest trends in the industry. The daily consumer experience has become mobile first, which means that credit unions need to extend their range of services, he said.
Credit unions must embrace digital technology
Contrary to some beliefs, mobile technology is not restricted to mobile phones, but includes any device that consumers can use that connects to the Internet. This are known as the Internet of Things. From checking their emails to downloading boarding passes, using smart technology to clear security or maps to find locations, consumers are becoming increasingly dependent on their smart devices.
Consumers’ love of all things mobile continues to drive changes in their lives, including the way they transact and interact with their financial institutions. These improvements, which have expanded beyond mobile banking’s roots in traditional online banking, now include a wide variety of mobile devices, from smartphones, to phablets, to tablets. These enhancements have helped drive a movement toward cross-channel collaboration between channels, which can result in an outstanding user experience, and greater satisfaction, for banking customers.
Overview by Ed O’ Brien, Director, Banking Channels Advisory Service at Mercator Advisory Group
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