BROOKFIELD, Wis.-With electronic channel "convergence" on the horizon, credit unions should now pay attention to delivering information and banking services over tablet devices, according to new research.
Fiserv's latest Consumer Trends Survey of 3,000 individuals indicates that both mobile and tablet usage are rising. But what Geoff Knapp, VP of online banking, points out, is that soon consumers will begin viewing interchangeably banking they do on mobile phones, tablets, and even PCs.
"Channel convergence is coming, and it's coming fast. As electronic banking users evolve and begin to do much more of their tasks over numerous electronic devices, they will no longer differentiate between mobile banking and online banking," said Knapp. "They will just think they are doing digital banking, and will transition between channels and devices to suit their needs."
Knapp emphasized credit unions will have to make sure the experience they deliver across all of their electronic channels is similar and effective no matter what the device members use. Knapp pointed out the Fiserv study showed that 40% of people surveyed either own a tablet or intend to own a tablet. "The tablet is really where we will begin to see this convergence. It has PC-like real estate with mobile-like ubiquitous connectivity."
Fiserv, however, is not recommending that CUs rush out and build an app for tablets. "Everyone now seems to be clamoring for a tablet, but the jury is still out on what strategy is best," said Knapp. "Do I need to recreate my online banking experience for a tablet, or do I just rely on my existing mobile experience because of its simplicity and add a few extra features?"
Knapp encouraged credit unions to first see how their mobile browser and website render on a tablet, pointing out he has seen many instances where a website will be tweaked and re-factored to be tablet friendly, and the results are better than the tablet app the site had previously released.
"Rather than invest in a tablet app off the bat, are there some simple things you can do to optimize your web user experience and mobile app for the tablet, and that might be fine for a while," suggested Knapp.
The Next 12 To 18 Months
Knapp expects, as fast as things shift in the mobile space, changes would be needed within 12 to 18 months. "In that time you will gain a better understanding of the pockets of members who are using tablet devices, what their expectations are, and then maybe develop a more tailored tablet app strategy."
But Knapp cautioned that CUs can be conservative with their e-efforts, waiting for evidence of ROI. "I think credit unions will have to invest more in mobile and tablets and have a little leap of faith in the ROI. You can't think of the 20% using mobile now, you need to consider the 60% who will be using it soon."
