The NAFCU Journal May - June 2018 - 28

have a ways to go in terms of member
adoption. "Despite increasing enrollment
in mobile banking, actual utilization of
mobile banking and mobile payment apps
is still far below market potential, according to a study by the Federal Reserve,"
reports an article in The Financial Brand.
That's why many credit unions are
working on spreading the mobile word
to their members through email, print
newsletters, live courses and other
programs that help members get up to
speed on all the features and functions
they might benefit from. America First
Credit Union, as a partner with Adobe
Marketing Cloud, is even able to push
messages to members right inside the
app. "That message doesn't have to be
a product or a service," says Mindrum.
"It could be as simple as, 'Did you know
that you can also do this in the app?' "

THE FUTURE

By 2020, there will be more than 2 billion
people using mobile banking, according
to Juniper Research - and with massive
implementation come massive changes.
Several credit unions predicted that card
control options, the integration of artificial intelligence, peer-to-peer payments
and a melding of online and mobile
banking experiences will soon be big
deals; what else is in the works for 2018
and beyond?

LOOKING OUT FOR MEMBERS

This year Visions Federal Credit Union
in Endicott, N.Y., is overhauling its
mobile and online banking experience.
A big part of the revamp will be the
addition of what Thomas Novak, Visions'
director of digital banking, calls "advocacy banking." "Think of it like a health
care advocate who goes with you to your
doctor appointments, asks questions and
makes sure the health care system does
right by you," he says. "We want to replicate that, but with financial services."
For example, in the new mobile and
online experience, when a member
makes a large purchase on a credit card,
Visions might send the member a notification on how the purchase will affect
the member's credit score. Visions is also
28

partnering with LifeLock to potentially
offer members discounted LifeLock
security memberships; the company
will monitor the dark web for members'
sensitive information, send alerts when
people attempt to apply for loans the
member didn't authorize, and more.

UNBUNDLING AND
REBUNDLING

Q2 Open's McDaniel foresees an unbundling of financial services as the industry
"moves from a place you go to a thing you
do." For example, credit union members
might download separate apps to their
phone for remote deposit, peer-to-peer
payments, budgeting and tracking, and
so on.
Then, McDaniel says, we'll see a rebundling of these financial services at scale;
a successful peer-to-peer payment

company might roll out other financial
services to the user base they've cultivated, for instance.
Is this a threat or an opportunity for
credit unions? "It can be both," says
McDaniel. "It's a threat if credit unions
don't keep up. But they have the advantage of incumbency and a reservoir of
goodwill, and if they can keep up with
the technology and experience expectations their members have, I think credit
unions can do very well."
Mobile is big, and it's getting even
bigger. No one can predict exactly what
will happen in the next year, five years
or 10 years - but we promise it won't
be boring.
Linda Formichelli is a freelance journalist
and content writer in Apex, N.C.
THE NAFCU JOURNAL  MAY-JUNE 2018



Table of Contents for the Digital Edition of The NAFCU Journal May - June 2018

Conferences
From the Chair
Washington and Industry Briefs
Trump, Credit Union CEOs Discuss Issues at White House
Growth Strategies
In Cybersecurity We Trust?
The New Landscape of Mobile Banking
2018 Annual Conference Exhibitor Directory
Executive Spotlight
Management Insight
Compliance Central
Inside NAFCU Services
The NAFCU Journal May - June 2018 - Cover1
The NAFCU Journal May - June 2018 - Cover2
The NAFCU Journal May - June 2018 - 1
The NAFCU Journal May - June 2018 - 2
The NAFCU Journal May - June 2018 - Conferences
The NAFCU Journal May - June 2018 - From the Chair
The NAFCU Journal May - June 2018 - 5
The NAFCU Journal May - June 2018 - Washington and Industry Briefs
The NAFCU Journal May - June 2018 - 7
The NAFCU Journal May - June 2018 - 8
The NAFCU Journal May - June 2018 - 9
The NAFCU Journal May - June 2018 - Trump, Credit Union CEOs Discuss Issues at White House
The NAFCU Journal May - June 2018 - 11
The NAFCU Journal May - June 2018 - 12
The NAFCU Journal May - June 2018 - 13
The NAFCU Journal May - June 2018 - 14
The NAFCU Journal May - June 2018 - 15
The NAFCU Journal May - June 2018 - Growth Strategies
The NAFCU Journal May - June 2018 - 17
The NAFCU Journal May - June 2018 - In Cybersecurity We Trust?
The NAFCU Journal May - June 2018 - 19
The NAFCU Journal May - June 2018 - 20
The NAFCU Journal May - June 2018 - 21
The NAFCU Journal May - June 2018 - 22
The NAFCU Journal May - June 2018 - 23
The NAFCU Journal May - June 2018 - The New Landscape of Mobile Banking
The NAFCU Journal May - June 2018 - 25
The NAFCU Journal May - June 2018 - 26
The NAFCU Journal May - June 2018 - 27
The NAFCU Journal May - June 2018 - 28
The NAFCU Journal May - June 2018 - 29
The NAFCU Journal May - June 2018 - 30
The NAFCU Journal May - June 2018 - 2018 Annual Conference Exhibitor Directory
The NAFCU Journal May - June 2018 - 32
The NAFCU Journal May - June 2018 - 33
The NAFCU Journal May - June 2018 - 34
The NAFCU Journal May - June 2018 - 35
The NAFCU Journal May - June 2018 - 36
The NAFCU Journal May - June 2018 - 37
The NAFCU Journal May - June 2018 - 38
The NAFCU Journal May - June 2018 - 39
The NAFCU Journal May - June 2018 - 40
The NAFCU Journal May - June 2018 - 41
The NAFCU Journal May - June 2018 - 42
The NAFCU Journal May - June 2018 - 43
The NAFCU Journal May - June 2018 - 44
The NAFCU Journal May - June 2018 - 45
The NAFCU Journal May - June 2018 - 46
The NAFCU Journal May - June 2018 - 47
The NAFCU Journal May - June 2018 - Executive Spotlight
The NAFCU Journal May - June 2018 - 49
The NAFCU Journal May - June 2018 - Management Insight
The NAFCU Journal May - June 2018 - 51
The NAFCU Journal May - June 2018 - Compliance Central
The NAFCU Journal May - June 2018 - 53
The NAFCU Journal May - June 2018 - Inside NAFCU Services
The NAFCU Journal May - June 2018 - 55
The NAFCU Journal May - June 2018 - 56
The NAFCU Journal May - June 2018 - Cover3
The NAFCU Journal May - June 2018 - Cover4
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