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Mobile Tech has Community Financial Institutions on the Move

This is the third in a series of three posts that relay the latest findings from our Kasasa Expert Exchange — a panel of professionals from our partner community financial institutions (CFIs) who share industry insights by completing short, relevant surveys.

We asked about the current state of the financial industry, and how it impacts strategy for 2016. In the last two posts, our experts revealed both what’s blocking growth for CFIs — and where the biggest opportunity for growth lies.

This post focuses on a major influencer in CFIs’ strategies for 2016: mobile solutions.

 

Increased regulation has sped up the shift to mobile.


 

Respondents said that changes in the economy and regulation have affected their internal processes and systems (67%) — and caused them to emphasize mobile solutions more than before (49%).

B2B-Blog_KEE3-EffectsOfIncreasedRegulation

 

Mobile solutions are just as important as in-branch technology.


 

When asked which items their institution would be most likely to pursue in the next 1 to 3 years, 26% of respondents selected mobile solutions. The same percentage of respondents selected kiosk services for consumers. So mobile isn’t just rising in the ranks of importance — it’s earned equal focus alongside in-branch solutions for gaining and retaining new account holders.

 

Top Projects CFIs Plan to Pursue 2016

 

Mobile products are of the moment.


 

The two offerings respondents say they’ll most likely roll out in the next 12 months are both mobile-centric: mobile payments and the ability for account holders to transfer money using their cell phone number or email address.

 New Offerings Planned 2016

The graph also indicates that our partner CFIs are keeping up with the times by offering many must-have technologies — including bill pay, ATM locator, and remote secure deposit, just to name a few. (Well done, you.)

 

Responsive websites aren’t just nice to have — they’re the norm.


 

With the industry-wide shift to mobile, it’s more crucial than ever to deliver a positive online experience from any device.

That’s why we offer FIRSTBranch websites — mobile-friendly websites that sell. 80% of consumers research online before they open new accounts,* and more and more of those consumers are conducting research on their cell phones or tablets.

A search engine optimized, responsive website ensures that when consumers visit your website they don’t immediately click off of the homepage — they stick around for a while to explore your offerings.

Contact your Client Director if you would like to learn more about what a FIRSTBranch site could do drive more business online.

Those of you who took the survey, thanks!

Your feedback fueled these insights — keep it coming! The more knowledge we share, the stronger we all become in the face of the competition. 

Not on the panel yet? Jump into the knowledge pool!

The Kasasa Expert Exchange is a space where our partners share industry insights with one another by completing short, relevant surveys. Want to join the conversation? Sign up to participate in the panel.

 

*AOL & Oliver Wyman, “Making the Switch: Checking Account Path to Purchase.”

Tags: FinTech