With over 60% of customers studying a financial institution’s digital capacities before opening an account, the arrangement between Ondot and MEA provides a handy means to satisfy with the requirement for electronic capacities, said Chris Harris, head of advertising for Ondot.
“Ondot’s card app is kind of a one-stop shop in terms of using and managing your credit cards, and when you look at MEA Financial, they try to be a one-stop shop for everything in terms of mobile banking, so you have two sides of the same coin in terms of mobile engagement. If you’re an issuer trying to find out how do I create engaging mobile experiences for my customers, those are two pretty logical places to look and we’re just trying to combine them into one selling experience for that user,” Harris stated.
Harris stated a great deal of credit unions are attempting to entice a younger member foundation, and electronic tools are a means to entice the next generation. “Credit unions face a unique challenge in the marketplace because surveys have shown that big banks are outpacing them on growth thanks to the digital tools they offer consumers,” Harris stated. He lasted, “The challenge facing credit unions is heightened by the recent introduction of Apple’s first credit card, as well as plans by Samsung to launch a debit card and as Google’s announcement that it will offer checking accounts.”
“It’s really a challenge for smaller issuers to react to that,” Harris stated. “When you look at a smaller credit union, I think absolutely people are choosing where to do their banking based on the digital capability they offer. If you look at Wells Fargo or Bank of America, they’re going to have stuff about their digital capabilities right there on the website. You usually don’t see that with smaller institutions. Honestly, it’s about creating a brand that’s digitally relevant. ”