By: Joe Gillen
Last year marked a significant turning point for banks and credit unions. New federal regulations and compliance guidelines sparked heated discussions among lawmakers, Wall Street and Main Street executives, credit union representatives and bank consultants. Many larger banks were the subject of multi billion-dollar lawsuits and trading losses. In addition, community bank and credit union programs swelled as more Americans flocked to these institutions in search of a better customer experience. As 2013 is projected to be another altering year for financial institutions, a panelist of banking professionals expressed their predictions to the Financial Brand on what is in store for this year.
There was a common consensus that financial institutions that fail to unroll mobile banking platforms will suffer, as more consumers not only seek, but expect, these channels to be a part of their bank or credit union's core features. Many professionals argued that mobile features are no longer optional for banks if they want to maintain or increase their market share, or acquire and retain customers.�Branding consultant Sean McDonald noted that mobile banking, in particular, remote check deposit, will become the biggest trends in the industry, and banks that fail to move ahead will be left behind.�
Further, consumers may soon demand more options and features in their existing mobile platforms, analysts agreed. Picture pay is garnering more attention as an up-and-coming feature, and many banks have not yet capitalized on the highly demanded remote check deposit feature.�
Expanded social media marketing efforts may further�mobile banking and customer satisfaction
Although mobile banking is becoming a more centralized feature, there are still questions surrounding the apps as well as security concerns. Marketing professionals argue the social media has put banks in the unique position to address these concerns while fashioning themselves as modern institutions. Social media continues to play a pivotal role in how consumers seek out information, review banks and learn about new products.
Coincidentally, many access social media sites from their mobile devices. By creating a more integrated and comprehensive marketing campaign that utilizes social media, banks and credit unions can promote new mobile products, provide tips on mobile and banking security, unveil new innovations and obtain customer feedback. Social media has also become a new source of gathering customer satisfaction research. As institutions seek to promote their products and gather "big data and analytics" to do so, many predict that the role of social media in accomplishing these aims will continue to grow.�