Wanted: Apps for Clarification and Simplification

  • Share:
technology

Consumers seek financial mobile apps

Consumers seek financial mobile apps not only for convenience or ease of use, but in some cases also to clarify what they may see as the muddy, dense topic of personal finance. Millennials especially are looking for apps that simplify their finances, but Gen X and even baby boomer consumers are also looking for added value from their banking technology.

According to a recent Bankrate survey, 17 percent of all respondents said they have at least one app for budgeting. This percentage grows to 34 for those between the ages of 18 and 34. Millennials find it easier to consolidate all their personal financial decisions on just a handful of apps, and many say that it helps them plan and save for the future.

What to learn from existing money management apps

Budgeting apps like Mint, PocketGuard and You Need a Budget are extremely popular with millenials, and financial institutions would do well to learn from what these apps say about consumer preferences. More importantly, fintech-powered technology is enabling these apps to establish themselves as the primary mobile financial app for consumers, relegating banking apps to the back line. Unless financial institutions bridge the technology lag — which can include partnering with fintech — then they may find themselves with powerful intermediaries, and other problems like security and data concerns.

Simply cutting off data access for these apps is not an option either. Banks such as JPMorgan Chase and Wells Fargo attempted to do just that but quickly found themselves in hot water. In early 2017, JPMorgan Chase reached a landmark agreement with Mint that served as a new standard for interaction between financial institutions and fintech firms.

Credit unions should instead take a look at what apps like Mint are doing: building a dashboard from which consumers can quickly analyze their finances. In short, an all-in-one app for financial planning.

Other things credit unions can learn from fintech app design:

A partnership

Financial institutions want to get to the point where they are seen as a partner in planning for their customer’s financial success. Consumers want feature-rich technology that allows them to take more of an active role in their day-to-day financial interactions, and mobile apps can help.

Beyond just short-term needs, consumers also desire applications that help them see “the bigger picture,” or long-term goals. Primary financial goals shift with age and financial institutions should take great care in finding solutions that work for everyone.

Communicate your solution

Credit unions who have innovative and game-changing new apps may find themselves muscled out by a lack of marketing. One thing many fintech and especially big tech companies do very well is amplifying the reach of their brand. Keeping open social media channels and using proper branding best practices encourages word-of-mouth. Members don’t know about all the great tools you have unless you tell them.

It’s important for all credit unions to keep in touch with their members across multiple channels. Clear lines of communication are the easiest, and often quickest, way to gauge frustration or discontent in a credit union’s membership, especially when it comes to dealing with technology. Members expect their financial institutions to keep up not only with other banks and credit unions, but also fintech and big tech offerings. A shiny new app may not be enough to convince a member to switch financial institutions, but it could be a step forward.

  • Share:


« Return to "Trends"
TrendScan logo
<< Back to Articles

Latest Trends

  1. The Member Service Experience
  2. Become a Tax Resource for Members
  3. Should You Still Be Concerned about ADA Website Compliance?
  4. What Is a DDoS Attack and Why Should Credit Unions Be Concerned?
  5. Anticipating Change with a Succession Plan
  6. Don't Get Snagged on ADA Compliance Requirements
  7. The Performance Management Conundrum: Structure vs. Creativity
  8. Experience Company Growth and Discovery with Employee-Driven Communication
  9. The Planning Process - Improved
  10. Building a Website with the User in Mind
  11. Content Marketing: Well Worth the Effort
  12. Your Social Media Accounts Deserve Quality Content
  13. Are You Ready to Adopt a Continuous Performance Management System?
  14. Continuous Performance Management is Disrupting HR
  15. What Credit Unions Should Do with Ambiguous ADA Standards
  16. The Website Audit Your Credit Union Needs
  17. 5 Things Credit Unions Can Learn from Cyber Attacks
  18. Optimizing Websites for Voice: What You Need to Know
  19. The Importance of Creating Quality Content
  20. 3 Succession Plans Your Credit Union Needs
  21. 7 Tax Changes Your Members Need to Know About
  22. Whatís Hot in Performance Management Technology
  23. Americansí Lack of Financial Literacy Is an Opportunity for Credit Unions
  24. Are You Properly Rewarding Your CEO?
  25. Why HR Should Take Advantage of Employee Self Service
  26. Credit Unions Could Replace Predatory Lenders
  27. Is Your Executive Compensation Still Appealing?
  28. The Quest for a One-Stop Shop Financial App
  29. 3 Website Design Trends for 2019
  30. Consumer Appetites in Mobile Innovation
  31. 3 Ways Credit Unions Can Prepare for a Cyber Extortion
  32. Build Up Membership Through Supportive Savings Programs
  33. Consumer Attitudes Toward Digital Advertising
  34. The Credit Union Advantage for the Digital Customer
  35. Wanted: Apps for Clarification and Simplification
  36. People Analytics: Bringing HR and Data Together
  37. Popular DDoS Mitigation Methods in 2019
  38. Volunteer and Young Board Members Need Development
  39. Prioritizing the Credit Union Employee Experience
  40. The Win-Win Results of Prize-Linked Savings for Credit Unions and Members
  41. 3 Key Factors for Creating Good Content
  42. 4 Steps to Increased Social Media ROI
  43. Shifts and Trends to Know About in E-Learning
  44. What the C-Suite Wants out of Social Media
  45. Credit Union Compensation: Philosophy or Strategy?
  46. Is Your CMS the Right Fit?
  47. How Useful Are Member Personas for Credit Union Marketing Teams?
  48. Selling Payments and Wealth Management Services
  49. A Simple Way to Unify Your Marketing Efforts
  50. How Credit Unions Can Formalize the Branding Process
  51. Keeping Up with Digital Lending Convenience
  52. Making Sure You Have the Right Leaders in the Right Seats
  53. Learning Management Systems: What Credit Unions Should Consider
  54. How Credit Unions Can Embrace Storytelling in Marketing
  55. How to Identify What You Want in an ESS
  56. Empowering Employees and HR with the Latest Technology
  57. Credit Unions Can Complete with Shadow Banks
  58. The Dream Team for Successful Online Customer Interactions
  59. How to Generate Content with Fewer Resources
  60. 2 Big FinTech Goals for Credit Unions
  61. Are You Missing Out on the Power of Video?
  62. Are Your Landing Pages up to Snuff?
  63. If Your Site Isn't Mobile Optimized, You're Losing Out
  64. Do You Know Why Payday Loans Are Used so Much?
  65. Protect Your Credit Union with a Website Accessibility Response Plan
  66. 6 Factors for Choosing the Right ESS System
  67. What Borrowers Wished Credit Unions Knew
  68. Caution: Customers Don't Always Ask for What They Want
  69. 5 Guideposts to Measure Your Brand Promise Against
  70. 3 Factors Impacting Credit Union Compensation Plans
  71. Don't Underestimate the Power of Financial Education
  72. Leveraging Social Media for Member Engagement
  73. Underestimate the Onboarding Process at Your Peril
  74. Finding the Best Platform for HR Technology
  75. The Role of HR and Hiring Managers in the Candidate Experience
  76. 3 Brand Promises Credit Unions Can Learn From
  77. Why You Should Invest in an Applicant Tracking System
  78. Don't Undervalue Your Brand Promise
  79. Content, Tools, and Channels to Capture Consumer Attention
  80. The Best Compliance Training with New Topics You Will Need
  81. Just How Distracted Are Consumers?
  82. Preparing a Transparency Communication Plan
  83. Preparing for Compensation Transparency

Related Trends

  1. Credit Unions Could Replace Predatory Lenders
  2. 5 Things Credit Unions Can Learn from Cyber Attacks
  3. Do You Know Why Payday Loans Are Used so Much?
  4. What Borrowers Wished Credit Unions Knew
  5. Should You Still Be Concerned about ADA Website Compliance?
  6. Don't Get Snagged on ADA Compliance Requirements
  7. Consumer Appetites in Mobile Innovation
  8. The Quest for a One-Stop Shop Financial App
  9. Wanted: Apps for Clarification and Simplification
  10. What Credit Unions Should Do with Ambiguous ADA Standards
  11. What Is a DDoS Attack and Why Should Credit Unions Be Concerned?
  12. Building a Website with the User in Mind
  13. 3 Ways Credit Unions Can Prepare for a Cyber Extortion
  14. 3 Website Design Trends for 2019
  15. The Credit Union Advantage for the Digital Customer
  16. Optimizing Websites for Voice: What You Need to Know
  17. Is Your CMS the Right Fit?
  18. 2 Big FinTech Goals for Credit Unions
  19. Caution: Customers Don't Always Ask for What They Want
  20. The Website Audit Your Credit Union Needs
  21. Keeping Up with Digital Lending Convenience
  22. Protect Your Credit Union with a Website Accessibility Response Plan
  23. Credit Unions Can Complete with Shadow Banks
  24. Popular DDoS Mitigation Methods in 2019

Industry insights
to your inbox!

Subscribe