Fast, Brilliant Mobile Banking for Credit Unions
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This document discusses the growing importance of mobile devices and opportunities for credit unions. It notes that 90% of consumers own a mobile phone and 30% own a tablet. It promotes Co-op Financial Services' "Fast, Brilliant & Connected" strategy to develop mobile apps that solve members' problems like paying bills and sending money to others. The strategy includes updating Co-op Mobile with features like real-time payments between members and remote deposit capture. Co-op also offers RealPay for person-to-person payments that can be used standalone or integrated with other apps.
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Fast, Brilliant Mobile Banking for Credit Unions
- 2. VP OF PRODUCT DEVELOPMENT, CO-OP FINANCIAL SERVICES HANSEN LOIS
- 3. 2015: YEAR OF MOBILE NUMBER OF MOBILE DEVICES WORLDWIDE NUMBER OF HUMANS WORLDWIDE
- 4. MOBILE, MOBILE EVERYWHERE OF CONSUMERS OWN A MOBILE PHONE90% OF CONSUMERS OWN A TABLET30%
- 6. WHAT IS FAST, BRILLIANT & CONNECTED?
- 8. 5 LIFE PROBLEMS SOLVED BY APP LIFE PROBLEMS SOLVED BY APP5
- 9. MILLENNIALS ON FAST & BRILLIANT
- 11. Smartphones are always within reach. They are the first place consumers go to communicate, research and share. As of last year, mobile platforms accounted for 60% of total time spent on digital media, according to ComScore. BRIAN SOLIS Principal Analyst, Altimeter Group (in AdAge) MOBILE STANDS ALONE
- 13. WHERE IS THE OPPORTUNITY? 51PERCENT OF SMARTPHONE OWNERS WOULD CONFIRM A PURCHASE BY TEXT ALERT CONSUMERS AND MOBILE PAYMENTS WOULD SWIPE CARD ON A MOBILE CARD READER 32PERCENT WOULD DO A MOBILE MONEY TRANSFER 41PERCENT WOULD REPLACE THEIR CARDS WITH A MOBILE WALLET 43PERCENT
- 14. WHERE IS THE OPPORTUNITY? CONSUMERS AND MOBILE PAYMENTS 88PERCENT OF CONSUMERS SENT MONEY TO OTHER CONSUMERS IN THE PAST 12 MONTHS 31PERCENT OF THESE USED AN ONLINE METHOD (CUNA E-SCAN) MORE THAN HALFOF GLOBAL BUSINESS PROFESSIONALS USE MOBILE PHONES FOR PAYMENT TRANSACTIONS (TIMETRIC)
- 15. YOUR MOBILE IMAGE MOBILE IS THE TOP CHANNEL FOR MEMBER ENGAGEMENT WITH MORE THAN 1 MILLION MOBILE TRANSACTIONS PER DAY Source: CUNA E-Scan OFFER MOBILE BANKING 58% 26% PLAN TO WITHIN TWO YEARS 30% SAY MORE THAN HALF OF CHECKING ACCOUNT HOLDERS HAVE ONLINE BANKING AMONG CREDIT UNIONS
- 16. MORE WAYS TO PAY? Source: CUNA E-Scan BILL PAY PAY BILLERS SERVICE PROVIDERS 57% OR 58% BILL PAYMENTS NOW MADE ELECTRONICALLY PAY YOURSELF PAY OTHERS P2P TRANSFERS RDC $900 BILLION IN P2P EXCHANGES LEVERAGE DATA PAY MERCHANTS MOBILE WALLETS 150 DIFFERENT WALLETS IN THE MARKETPLACE
- 17. LOOK FOR CHANGE P2P PAYMENTS CONTINUES TO GROW NEW ALTERNATIVES CONTINUED INNOVATION GROWTH
- 18. WHAT PROBLEMS DO YOUR APPS SOLVE? I OWE YOU. WHAT’S MY CARD BEEN UP TO? WHAT? NO WALLET? TOKENIZATION WHAT’S MY BALANCE? CO-OP MOBILE PAY MY BILLS. CO-OP BILL PAY CO-OP MOBILE
- 19. RE-INTRODUCING: CO-OP MOBILE Source: CUNA E-Scan NEW LOOK AND FEEL CUSTOM BRANDING FOR IPHONE AND ANDROID REAL-TIME P2P PAYMENTS WITH REALPAY MOBILE BANKING ACCOUNT TO ACCOUNT TRANSFERS ACCOUNT HISTORY REMOTE DEPOSIT CAPTURE
- 20. REALPAY BY CO-OP REAL-TIME, PAY-ANYONE, PERSON-TO-PERSON PAYMENT NETWORK FLEXIBLE SOLUTION AVAILABLE THREE WAYS: STANDALONE API TO INTEGRATE WITH YOUR OWN APP INTEGRATED WITH SPRIGSM BY CO-OP APP INTEGRATED WITH CU-BRANDABLE CO-OP MOBILE
- 22. QUESTIONS?
Editor's Notes
- [NOTE: Original infographic says “Credit union members are now more mobile,” but these stats are meant to show that CU members are more mobile than bank customers.]
- Another way of looking at how mobile is changing is to examine an aesthetic we’re calling fast + brilliant. The idea is simple: The best mobile technology, especially among MIllennials, is both fast and brilliant. Useful is the new cool – and that means offering members apps that solve their everyday problems instantly and brilliantly. How does this play out in real life
- Take a look at some life problems that are now able to be solved by an app. Review slide
- Just as an example of this in action, if you’re shopping at Best Buy and can find the same product on Amazon for a lower price, Best Buy will match it. Showrooming is becoming a regular part of the shopping culture, and even people who might not describe themselves as shopping fanatics are finding it useful.
- On the consumer side of things, there’s an effect that goes beyond finances. [read quote]. People are tired. They’re tired of reading the news about breaches. They’re frustrated because it keeps happening and it seems like there’s nothing they can do about it. They may be going on with their financial lives, but it’s with a bit of denial. http://www.idtheftcenter.org/ITRC-Surveys-Studies/2014databreaches.html
- For most people in the C-suite, numbers are only as good as their application. If mobile payments are growing, for example, where are the opportunities for you? Let’s take a closer look: [REVIEW SLIDE]
- Here are a few more statistics: [REVIEW SLIDE]
- (Q): One of the areas where feel like we’ve seen explosive growth and change is mobile payments. Jon, can you speak to some of the changes we’ve seen since this time last year? JON: Lots has happened, with new players coming in, old players going away, and many players evolving the offering they want to deliver. Our members have an array of payment options available to them today. I think its important for credit unions to consider posturing themselves as true “pay anyone” / money movement hubs. I believe that to the degree we can successfully do that, we will win. Present members with a one stop shop to direct funds wherever they need to go. I think that credit unions may want to consider thinking wholistically about their mobile payment strategy. It should probably include all of the above elements….not just one or two. We need to leverage the TRUST factor we have with members. I don’t believe PayPal, Square, Walmart, and Apple have the same level….but make no mistake, they are trying. 3 key examples of payment mechanisms available to members: Bill Pay, P2P transfers, and mobile wallets. I believe each will continue to be important options for members: 1. Bill Pay……57 or 58 percent of bill payments are now made electronically. 27 million US households now pay at least one bill from their phone (70% YOY growth) In the last 30 days, 26% of us have paid a bill on our smart phone 150 wallet providers, give or take P2P is a large opportunity. Around 12 billion P2P exchanges in the US each year, representing $900 Billion. P2P payments on smart devices aren’t mainstream yet, but I believe its likely they will move that direction as we continue to reduce our utilization of cash (and cash usage is going down about 3% per year over the past 4 years). Several providers: PayPal, PopMoney, Clear Exchange are maybe the 3 largest. CO-OP’s Sprig Product / Mobile Banking will include Real Pay, which is a credit union based P2P solution. Mobile wallets. Probably 150 different wallets in the marketplace. They’ve been around for several years, but candidly, traction has been slow. Certainly, I believe that probably will change a bit now that Apple Pay is a reality. Been watching Apple for several years, and their numbers were too big to ignore….felt like it was inevitable they would leverage their 450 million iTunes accounts. I believe that its likely we will all house our wallets on smart devices some day. I would encourage the CU to create a Mobile Channel practice area that is owned by a member of the executive team.
- This area is not only growing; it’s also changing. In 2015 we expect to see Continued growth for Apple Pay The introduction of new alternatives, such as CurrentC, which is backed by the Merchants Customer Exchange – a retailer consortium that’s united in its opposition to interchange fees. We expect growth in P2P payments, as companies like Venmo become common And we anticipate interest in new ways to improve mobile payments, including RealPay, CO-OP’s brand new network that enables real-time payments for members using mobile P2P.
- As people become more dependent on mobile for solving life’s problems, one way to review your credit union’s mobile presence is to ask what problems your apps solve. [REVIEW SLIDE] What’s interesting about this, in 2015, is that you can solve many different problems using apps that are available right now or in the very near future. The hidden message here might be that offering current mobile technology is very doable for credit unions in 2015. That’s new.
- Here’s a product that’s new but familiar. We’ve just re-introduced CO-OP Mobile, which will now include some of the best features CO-OP offers on mobile. [REVIEW SLIDE] Interestingly, CO-OP first introduced CO-OP Mobile in 2009, when mobile banking was in its infancy. Obviously, we’ve done many updates and upgrades since then, but this year’s re-introduction of CO-OP Mobile heralds a kind of new era in mobile banking for CO-OP. In the spirit of some of the changes and challenges we’ve been talking about today, this product now does more and does it faster than ever before. We’ve also put a new emphasis on custom branding, so that this app looks and feels like it belongs to each individual credit union – because having an app that represents your credit union well is also an important piece to this puzzle. If mobile is becoming a leading interface, that experience is critical. What may be most important to note about the new CO-OP Mobile from a trends perspective is that it sets the bar for basic mobile banking much higher – not only compared to 2009, but also compared to 2013 or 2014.
- Attract and retain younger members Provide their core checking accounts Enhance the member experience Especially GenX/Y and tech-savvy users Serve users needing more convenience for personal transactions Increase credit union’s mobile engagement with members
- Finally, CO-OP will be offering a brand new suite of APIs that are designed to fit into existing credit union apps. This means you can integrate CO-OP RealPay, CardNav or Bill Pay into your mobile banking app so that your members have a single app and login while still being able to enjoy expanded features and capability. Again, if we think about some of the trends we’ve covered today – with mobile becoming more ubiquitous, multifeatured, payments-driven and integrated -- this API suite illustrates the direction that credit unions might be moving toward in the future. We’re seeing increased demand and rising expectations, but we’re also seeing new opportunities that make it possible to meet those expectations and demands.