Are all apps created equal?

Oct 16th, 2011 | By | Category: App Discussions

According to the article “CU’s Outpace Banks in the Mobile Banking Stampede” that was published in the August 31, 2011 issue of Credit Union Times Magazine, right now maybe 15% of credit unions are mobilized, meaning that 85% have done nothing.  Understanding that you don’t have to have a “mobile banking” platform in order to have a mobile app for your institution, there are several apps that have emerged.  When I viewed a few of the current published mobile banking apps, I quickly noticed that there is a huge gap between each concerning not only the aesthetics but also the functionalities of each.

I often think of the “mobile banking” or “internet banking” part of the app as being the lettuce.  In other words when you go to the largest salad bar that you can imagine, what is the first thing that you usually place on your plate?  For me it is the lettuce.  Now, are you typically satisfied with taking just the lettuce to your table and consuming it with nothing else?  As for me the answer is simple, definitely not.  I prefer to have all of the trimmings such as the bacon bits, cheese, croutons, olives, cucumbers, onions, bell peppers, eggs etc.  on my lettuce.  Therefore in this scenario I tend to view all of the “trimmings” as the additional mobile banking app features such as location finder, ATM finder, interest rates etc as being a critical part of the app.

Are we currently just allowing our customers or members to log in and view their balances and transfer funds?  If so, I feel there is so much more that we can provide them as well as ourselves…  Just something to think about and I welcome your comments.

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