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CU Snapshot

 Apr '18Mar '18
# of CUs5,7245,727
Total Assets
($ billions)
Total Savings
($ billions)
Net Cap.
Loans to Savings82.9%81.5%
Loan Delinq.0.8%0.8%

         Credit Union Indicators

Develop, Integrate, and Expand Your Mobile Services

Mobile isn't just for millennials.

The mobile space is evolving more quickly than ever, according to Amanda Smith, manager of emerging products and integration at CO-OP Financial Services.

Credit unions should have a mobile strategy, perhaps starting with a simple bill pay service that can eventually expand into a host of other capabilities, she says.

The next step is integration.

"We also talk a lot about omnichannels," says Smith, "where credit union members have a seamless experience across all channels—PC, tablet, smart phone—and the ability to start a process, such as a loan application, on one channel and finish it on another. Mobile platforms are heading toward great integration."

Smith has run into some surprises as she tracks mobile device use. "Interestingly, we've found that people in the 45- to 54-year-old demographic adopt mobile tech as much as younger people. Millennials are always cited as the biggest cohort of adapters, but that figure shows otherwise."

With that demographic in mind, Smith advises credit unions to remember three things when offering mobile services:

People other than millennials appreciate mobile services, so appeal to members of all demographic groups with mobile.

Payments. Stay on top of consumer demands and expectations regarding payments, and tailor your mobile offerings accordingly.

Debit cards aren't going away, regardless of Apple Pay and other mobile payments players.

(Via Credit Union Magazine)