COLUMBUS, Ohio-A mobile strategy can help small CUs play bigger to take on larger competitors, according to one consultant who shared ways to enter the mobile space on a limited budget.
Brett Wooden, president of BW Consulting, Oregon City, Ore., acknowledged that small credit unions face the dilemma of finding the money for some of the more expensive and popular mobile apps, such as remote deposit capture, often waiting for them to become more mainstream and less costly. But waiting, said Wooden, leaves the CU far behind in the eyes of members, killing chances of ever becoming the member's PFI.
"Small credit unions certainly need to play bigger given the reach of the big banks and larger credit unions," observed Wooden. "They need a mobile device delivery strategy. The best approach always is one that is proactive, not waiting around for the competition to launch their apps."
Good Place To Start
A good place to start, said Wooden, is inside the credit union itself, giving staff mobile tools to use with members. "Implement iPads and iPhones, they are relatively inexpensive. Put some tablets behind teller row-most transactions can be done on a tablet. Say a member wants to transfer money from savings to checking. The teller can perform the transaction, but then they can use the tablet, log onto home banking, and show the member how to do this online. You are not only raising the credit union's image, you are educating the member on electronic services, therefore saving money. Plus, most of the big banks' mobile focus is external, so you are differentiating the credit union as well."
Wooden, addressing attendees at the Ohio CU League's annual meeting, suggested setting up iPads in the lobby to house collateral material and forms. "By implementing iPads in the lobby, for example, having all your brochures loaded, is inexpensive and actually saves on printing costs."
Implementation On A Budget
Still, finding ways to employ mobile apps is important, and Wooden said there are ways to do that on a budget.
"This is the toughest part of the mobile equation for many small CUs. One thing they can look into now is using high school students who are learning how to develop apps. You can also use apps that are already available and customize them. oDesk (www.odesk.com), too, is a freelance service you can use to hire someone relatively cheaply to develop an app for you."
Other tips from Wooden:
* If the credit union has a social media page, make sure the CU's messages can be read on mobile devices.
* Use the PDF expert application. "It costs $9.99. You can use the tool to make PDFs editable. If your credit union does not have a way for members to apply online and is hassling with paper at community events for sign-up forms, use an editable PDF to have forms on an iPad and new members can sign on the spot."
