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.
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.
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.