Report
225
Number
Jan 06 2011

The Future of Member-Facing Technologies in Credit Unions

By the end of 2011, smartphones will outsell standard cell phones, and consumers will continue to defect from bank and credit union websites to pay billers directly.

The Future of Member-Facing Technologies in Credit Unions, by tech expert Ron Shevlin, grapples with the changes in consumer habits and what they mean for credit unions. Shevlin goes beyond specific companies or products to outline how different enterprise-level strategies will drive specific plans in 2011 and beyond.

Given the consumer and technology trends outlined in the report, the author suggests that credit unions should focus their attention in three places:

  • Financial advice and guidance. Personal financial management (PFM) tools like Mint.com and the constellation of similar services are more than juiced-up budgeting tools; they allow members an accessible and intuitive way to see their money. rewards.
  • Social networking integration. Social media have become popular at credit unions, but they are not always effective at driving business results.
  • Purely mobile apps. Perhaps the most important of all emerging technology areas, mobile apps offer features already in demand by consumers.
Report Number 225