3 Questions for Your Mobile Banking Partner (Part 2)

By: Will Furrer, Senior Vice President – Product Group, Q2  

We pick up this blog series, addressing the last two questions your credit union should be asking a digital strategy company when developing a mobile banking plan.

Check out Part 1 of the blog series here to learn about the importance of providing a consistent experience on mobile.

Question 2: How does security work for the mobile channel?

Mobile security is a becoming more and more critical every day.  Due in large part to the fact that today’s mobile devices are essentially hand-held computers. As such, the risk of device compromise is something every member, and you as a credit union, should be keenly sensitive too.

Because of this, the security of your mobile banking solution can’t simply be the ‘latest and greatest’ protection available; it must be ahead of the times – using advanced techniques only behavioral modeling and machine learning can support.

Interconnectivity & Behavioral

Mobile banking is not the only type of digital banking your members will do, therefore, it is critical that your mobile security be part of a holistic view of each member’s behavior within your entire digital banking ecosystem.

A comprehensive picture of members’ behaviors across all your virtual channels, which answers questions such as: What operating system are they using for their banking? What time of day do they usually do their banking? What do their typical movements through the application look like?

The power of interconnected solutions – or better yet – of a single platform solution, are very much aligned with credit unions seeking to be the most trusted, secure brand their members engage with. 

Click for Q2 Case Study — Efficiency

Question 3: Does your mobile banking application provide support for commercial banking members?

As the majority of forward leaning credit unions seek to meet their members where they are, the need for small business features and functions available via the mobile channel is becoming increasingly important. Small businesses—a.k.a. SoHos— are making their way into the households of millions of Americans every year, who prefer to bank with a credit union due to the service, support, rates, and connection to the community where they live and work. However, neglecting their mobile business banking needs will in fact put the business of these profitable households in jeopardy over the coming years.

Feature / Function

Small and medium businesses (SMBs) require access to ACH for payments and payroll. Sometimes it’s only a few people, but more and more frequently SMB owners are using their personal accounts; meaning they are moving larger and larger amounts of money to more and more employees or contractors.

The great news is: your credit union can work with the SMB’s relationships to provide accounts for these potential members. It’s a win/win.  A win for the owner of the SMB—who is now able to manage their payroll via their mobile device, as well as approve wires and draft payments, which is what they expect from a progressive credit union like yours. And a win for your credit union in the form of new members.

Conclusion

Above all else, offering a business banking solution via mobile devices will provide your members the same freedom they have come to appreciate with your retail banking products—expanded to where they make their living, not just where they check their balances. Mobile commercial banking access is a clear separator for innovative credit unions, one that will benefit you and your members.

 

Q2 is the NAFCU Preferred Partner for Single Platform Virtual Banking Solutions—Including Online and Mobile—for Community and Regional Financial Institutions. Learn more about Q2 by visiting www.nafcu.org/q2.

3 Questions for Your Mobile Banking Partner (Part 1)

By: Will Furrer, Senior Vice President – Product Group, Q2  

With the ubiquity of the mobile-first member, implementing a mobile banking solution should be a top priority for your credit union. In this blog series, we will address the top three questions your credit union should ask a digital strategy company when developing a mobile banking plan.

Question 1: Does your mobile digital experience mirror your online channel?

People say the mark of a true champion is consistency. The same is true for mobile banking. Although mobile banking is seeing rapid adoption and growth by credit union members, it’s not projected to actually outpace interactions via the desktop until the year 2020.

The ability of your digital solutions vendor to provide a consistent experience—from data to workflows to functionality—should be high on the priority list as you make your selection.

Data Consistency  

When discussing mobile strategy with a possible partner, it’s important to ensure that all of your data is consistent between devices. When making buying decisions for a mobile banking partner, this attribute is often overlooked.

The accuracy of the data across devices—desktop, laptop, tablet, and mobile phone—is critically important. Without consistent data, you risk eroding the brand you work so hard to promote with your members; confused and frustrated members aren’t generally good brand promoters.

Consistent data across devices is table stakes for today’s multi-device member. Earn their trust, solidify your brand, and grow your digital channel strategy with consistency at its core.

Click for Q2 Case Study – Flexibility 

Dependable Experience

The branch used to be the central touchpoint for most credit unions. Today, however, more interactions are happening outside the branch than ever before.

Providing a dependable brand experience on any device, anytime, that’s in line with what your members need and desire, should be paramount in your decision making. The language and workflows your members are accustomed to on their computers should mirror that of their mobile devices.

The same care should be taken with the digital experience you provide your members, as the care you demonstrate when members are in the lobby of your credit union.

Click for Q2 Case Study – User Experience 

Reliable Functionality

Finally, where the rubber meets the road is with functionality. What members want is the ability to do everything they can do online on their mobile devices. Scheduling bill payments, aggregating accounts, categorizing expenditures and setting language preferences – all the value they’re afforded on their laptops and desktops, they also demand on their mobile devices.

Strengthen your credibility with your mobile members by ensuring they have access to all the features and functionality they have on their desktops, with a mobile banking tool that has the reliable functionality they can count on.

Click for Q2 Case Study – Brand/User Experience 

Look for Part 2 of our blog series for Questions 2 & 3 of what to ask your mobile banking partner, and to learn about implementing a mobile strategy.

 

Q2 is the NAFCU Preferred Partner for Single Platform Virtual Banking Solutions—Including Online and Mobile—for Community and Regional Financial Institutions. Learn more about Q2 by visiting www.nafcu.org/q2.

Payment Technologies: Gaps and Opportunities Awaiting the Next Big Thing

As an Android user, I love the TV commercial poking fun at iPhone fanatics waiting hours in line to buy the new iPhone, hopelessly waiting for the next big thing. With Apple’s recent move to acquire a security technology company, the blogosphere is full of predictions of what this could mean—will the next iPhone have Near Field Communication contactless payment technology? While Android phones have already embraced NFC technology, deploying NFC on iDevices could speed up the adoption of mobile payments. Or not.

Financial executives and merchants face different challenges with emerging payment technologies, including mobile payments, mobile wallets, mobile banking, NFC, EMV, prepaids, and more. Add in the consumers’ perspective—we want faster and convenient transactions, good economics, plus a little bit of the coolness factor—and you’ve got a grand mix of disconnects and opportunities.

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