Credit unions and marketers still have much to learn about this growing technology.
There’s much to understand and learn about the mobile landscape, says Hilary Reed, founder and chief strategist for Empower Strategic Solutions, a credit union management consulting firm based in Yardley, Pa. “Some facets are expected while others are quite unexpected, especially regarding the capability of technology and consumers’ growing penchant to use it.” Reed cites the following:
Most surprising: That 40 percent of all shoppers consult three or more channels (for example, online, in-store and mobile) before making a purchase. “This means you need to be in more than one place at once—and a step ahead of the customer who is researching the products you offer.”
Most challenging: Keeping up with technology. Integrating online account-opening or loan applications with mobile, online banking and your core system can be both cumbersome and costly. Cumbersome, because not all core systems are compatible with newer technologies and often require custom API integrations to function properly. Costly, because it could take tens of thousands of dollars just for integration. “But ultimately, those who are not technologically up to speed will fall behind the curve,” says Reed.
Most rewarding: The ability to target and capture qualified leads. Reed says that a qualified lead is one that comes from your sales funnel (i.e., targeted digital ad > landing page > call to action clicked). Successful conversion requires immediate follow-up via both digital and traditional (e.g., phone) channels on all leads you receive.
Stephanie Schwenn Sebring established and managed the marketing departments for three CUs before launching her business. As owner of Fab Prose & Professional Writing, she assists CUs, industry suppliers and any company wanting great content and a clear brand voice. Follow her on Twitter@fabprose.