Every credit union must offer ‘the basics’ and consider ‘should-have,’ ‘stay competitive’ and ‘luxury’ functionality.
Sponsored by CU Engage
The pandemic has caused an uptick in digital demand, including certain features within banking apps. Members are demanding functionality that provides easier and faster transactions that are more convenient overall. Credit unions are rolling out new offerings in their apps due to this demand as well as competitive pressures.
Having the right features in banking apps is important. After all, member satisfaction declines if app features are difficult to use. Your mobile banking app’s user experience should be considered top priority as features are added and upgraded. A well- functioning app with the most desired features is the sweet spot as consumers increase the number of banking transactions they complete on their mobile devices.
Here are the essential features and functions for staying relevant in a competitive market as described by over 3,800 members surveyed using app reviews. There are four main categories of features:
The Basics. The minimum features a financial institution should offer to customers in an app.
The Should-Haves. The features that most consumers have come to expect from their banking apps.
Stay Competitive. The features that are growing in popularity and desirability. These have the potential to become should-haves and are what will enable your mobile banking app to remain competitive.
Luxury. These features make consumers feel like very important people while using an app and set apart institutions that offer them from ones that don’t.
Here are some examples of features that fall into “the basics” category:
- Account management
- View multiple accounts
- Mobile check deposit
- Mobile bill-pay
- Money transfer
- Branch/ATM locator
- Customer service access
- Balance view without sign-in
- Multifactor authentication
- Text capabilities
Here are some examples of features that fall into the “should-haves” category:
- Alerts and notifications
- Card freezing
- Report fraud
- Activate new/order replacement cards
- Person-to-person payments
- Search function
- Repeat payments
To see which features made it into the “stay competitive” and “luxury” categories, download the full whitepaper, free with registration.
Vikki Wagner is marketing specialist at CU Engage, St. Petersburg, Florida, a national credit union consulting company. There she enjoys developing content and helping credit union industry leaders keep their finger on the pulse of the industry.