PLANO, Texas—Credit unions must actively promote mobile check deposit or risk falling behind in the mobile space, says Catalyst Corporate FCU.
Helping credit unions generate awareness for mobile deposit is the reason Catalyst Corporate recently completed its third annual Capture My Heart program—a campaign that motivated more than 1,000 credit union members to write a heart on a check deposited via mobile capture between Feb. 7-14. Members who participated were eligible to win a $100 gift card.
“We know that credit unions have a lot to do just to talk to members about all of their current products. This campaign was designed to allow CUs to promote an important service to their members in a fun way,” said Terry Young, Catalyst VP of communications and marketing. “It has worked well every year. It really creates a buzz.”
36 CUs On Board
This year 36 credit unions participated and 13,000 mobile deposits in total were generated by members of participating credit unions during the one-week effort.
“In addition to just creating a buzz in the communities our credit unions serve, credit unions told us that the campaign was able to generate more understanding of the value of mobile deposit,” said Young.
Brad Ganey, Catalyst SVP and COO, said that encouraging members to draw more than 1,000 hearts on checks, among 13,000 total mobile deposits, shows that participation and member interest in the campaign was strong.
“Generating awareness about your mobile deposit app is huge,” said Ganey, who believes that mobile deposit has become table stakes today. “Members need to be aware that the credit union has this option available for them. Credit unions can’t make the mistake of offering mobile check deposit and assuming that members will know they have it, or know what it is, especially with older members who still like to walk that physical check into the branch.”
Ganey said the same thinking that applies to CUs needing to let members and the community know they are a full-service institution applies to mobile deposit.
“It’s the same challenge as making sure members see you as their PFI,” said Ganey. “You have to constantly let members know what you are about and what you have.”
Ganey said that credit unions are on good footing to with mobile deposit, as they have established a strong position with mobile banking, having moved quickly to remain competitive with banks and their larger branch networks. He added that it is a good sign that many credit unions are now moving into their second mobile banking iteration.
“To see credit unions converting from one mobile provider to another says they realize they can’t just stay in the game. They know they can’t sit still. They are looking to see what is in the market today and if they can improve on their current mobile solution,” said Ganey.
Understand Member Needs
Improvement in a mobile solution comes with usability and also functionality, noted Ganey.
“The credit union has to decide what additional functionality they want to put into their app,” said Ganey, who added that closely understanding the needs of the membership is critical. He said, too, that as time goes by, the mobile app will be one of the most important ways the credit union engages with members and builds loyalty as transactions move out of the branch. “And the more reasons you give members to go to your mobile app the better. We know, too, that statistically functional things, such as mobile deposit, are the best at creating mobile engagement.”
Young said that results from Capture My Heart bode well for the future of credit unions and mobile applications.
“Credit unions are enthusiastic about mobile deposit,” said Young. “We see that more and more every year. That is a good sign.”