Mobile banking is experiencing a growth spurt. The Covid-19 pandemic has forced many people into quarantine, and while businesses have had to shut their doors temporarily, financial transactions must continue. As a result, the global crisis has proven to be the catalyst for a large number of people to “go digital.”
Mobile banking will be a $1.82 billion market five to six years from now, experiencing a growth rate of 12.2% a year, according to analysts at Allied Market Research. Along with transferring funds, depositing checks and paying bills, Credit Union members continue to buy homes, cars, take out student loans and refinance mortgages. The integration of text messaging into those transactions makes the process easier, faster and more personable.
Roughly 90% of the population owns a smartphone and among 18-29 year olds, 95% use texting, according to strategy firm Stone’s Phones. That figure drops slightly to 91% for 30 to 49, and is still significant at 66% for ages 50 to 64. In addition, roughly one-quarter of those older than 65 use Text Messaging.
Texting is a quick, accessible way for members to connect with their Credit Unions, and for Credit Unions to initiate conversations as well. Eltropy offers solutions that encourage one-to-one as well as group Text Messaging that can increase dialog and satisfy various types of member needs.
Once the COVID crisis passes, members will have experienced the convenience of communicating in this manner, and will likely want to continue. Credit Unions that have cultivated such relationships by implementing texting strategies during the time when branches may have been closed — or running on reduced-hours schedules – will likely find a shift in member mindset. Today more than ever, members are receptive to Text Messaging from the places where they take care of business.
Credit Union members value the personal relationships they have with their financial institutions. They enjoy a closer association than they might with big banks, because Credit Unions spend time and effort training associates to nurture that bond. Text Messaging can extend and strengthen that relationship. In a column for Forbes, founder of Chic-CEO.com Stephanie Burns wrote, “64% of consumers believe that businesses should use SMS messages to interact with customers more often than they currently do.”
If you haven’t taken full advantage of Text Messaging at your Credit Union, now is the time. It’s a great way to get immediate attention to relevant financial products and services you’re offering – and members are “listening.”