Driving Growth with
Exceptional Digital Banking
How
to
Drive
Growth
with
Services for Business Members
Exceptional
Digital
Banking
Considerations and Tips for Your
Services
forSuccess
Business Members
Credit Union’s
Whether your credit union provides business services, has decided to add business
services, or is exploring this opportunity, the key to driving growth will be providing
the same level of exceptional service to your community’s businesses across all delivery
channels. Doing so, your credit union will be successful in gaining new users of your
business services from both current and future members.
To help you, Q2 would like to offer you some considerations, insights, and tips. We’ve
been helping credit unions with their financial technology needs since 2004, and the
information provided in this paper may be insightful to you.
Driving Growth with Exceptional Digital Banking Services for Business Members
Table of Contents
For Those Already Offering
Business Services: an Analogy........................................ 1
For Those Decided or Just Starting
to Explore.......................................................................................... 2
Connect Digitally,
Strengthen Relationships...................................................4
Behavioral Data and Targeted Marketing.........5
The Best Solution...................................................................... 6
About Q2........................................................................................... 7
© 2017, Q2 Software, Inc. Confidential and Proprietary. Information within this document is subject to change.
Driving Growth with Exceptional Digital Banking Services for Business Members
For Those Already Offering Business Services:
an Analogy
Pardon the analogy to come, but it can be useful in
And don’t forget your mobile app. Is your
explaining an important point of consideration.
mobile experience like your desktop online
Does your credit union offer online and mobile
banking services with a “Do you want fries with
that?” approach? Just like ordering a combo-meal
banking experience? Or, are they two totally
different solutions? Perhaps even from two
totally different vendors?
at your favorite fast-food restaurant, your “side”
You may not have thought about these aspects
of digital banking may be already included within
before, and your current platform may not address
your core platform. If so, when’s the last time
them. They’re important to your future success.
you took a hard look at how your members are
experiencing your most popular banking channel?
After all, not all combo meals come with fresh
Integrating an online and mobile banking platform
is already complex enough.
fries. Just because something’s included, doesn’t
make it good.
Core
Interface
As you take your hard look,
consider the following points.
P2P
Bill Pay
RDC
Chat
Alerts
How does your digital banking solution compare to
those your members may experience elsewhere?
DIGITAL
PLATFORM
Members today and into the future, both retail
and business members, will gauge your online and
mobile banking experience based upon not only
Internal
Accounts
PFM
FICO Score
other FI solutions but all other digital experiences—
the Amazon and Netflix-type apps in the digital
Credit and
Debit Cards
world. Are you in-line?
© 2017, Q2 Software, Inc. Confidential and Proprietary. Information within this document is subject to change.
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Driving Growth with Exceptional Digital Banking Services for Business Members
For Those Decided or Just Starting
to Explore
The decision to add business products and services
Not only do online banking transactions
keep increasing, mobile banking
transactions have surpassed online
banking transactions in 2015.
Source: “Mobile Banking Outpaces Branch Banking for First Time in 2015“,
Javelin, Retrieved February 2017, from https://www.javelinstrategy.com/
press-release/mobile-banking-outpaces-branch-banking-first-time-2015
to an FI’s platform is no small task—it’s a strategic
move to diversify the balance sheet, to mitigate risk,
and to grow purposefully in communities through
a brand-new income source. However, becoming a
more engaged community partner normally means
a lot more technology solutions must be integrated
into the core, payments, lending, security, and
compliance systems.
And, when you add delivery channels, the online
and mobile banking platform integration also needs
some careful consideration. For example, will you
be adding two more digital solutions (online and
mobile) when you launch your business offerings?
Below are other important considerations
and tips to help your credit union’s decision
planning and implementation.
Growth is Digital
You’ve seen the numbers. Not only do online
banking transactions keep increasing, mobile
banking transactions have surpassed online banking
transactions in 2015. Overall, digital banking
transactions continue to climb while branch and
contact center transactions are on the decline.
© 2017, Q2 Software, Inc. Confidential and Proprietary. Information within this document is subject to change.
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Driving Growth with Exceptional Digital Banking Services for Business Members
Can they stop a check, turn on/off their debit
Average Number of Monthly Banking
Interactions by Channel
card, deposit a check, apply for a loan or open an
0.5
account all within a unified digital experience?
1.2
0.3
2.1
1.2
1.8
2.0
2.3
4.1
2.5
AGES 18-34
9.9 interactions
AGES 35-54
8.1 interactions
Phone
How is their service level, speed and convenience
0.2
Teller
different with an in-person vs. contact center call vs.
1.2
ATM
online/mobile experience?
1.0
2.7
Online
Given that personal interactions with your members
Mobile
are on the decline, how can you continue to
0.7
AGES 55+
5.8 interactions
Source: 2016 Bain/Research Now US Transaction Migration Survey
Stepping back to look at a strategic level, where
are you investing for future growth and viability?
What makes your credit union better than others?
Better than other FIs? Better than non-traditional
FIs? Many credit unions strongly believe that their
differentiator in the market place is based upon
the level of service provided to their members.
If so, you should consider these questions:
drive growth both with current members and
potential members?
Instead of viewing your digital banking experience
as merely an extension of your service, you should
think of it as its own 24/7 channel that not only
serves your members, but also helps retain their
loyalty and generate business. It can be all done
with one piece of software.
Estimated Cost Per Transaction by Channel
$4.25
How does your digital member service compare to
your contact center calls and in-person branch visits
with your members?
$1.30
If members need a little help or have a question
$1.25
about a transaction or account, can they send a
secure message to member services from within
both online and mobile banking? Or do they have
to come in or call the credit union?
In person at a
physical branch
By phoning a
call center
ATM
$0.19
$0.10
Online banking
using a bank or
credit union
Mobile banking
Source: 2013 Javelin Strategy & Research
© 2017, Q2 Software, Inc. Confidential and Proprietary. Information within this document is subject to change.
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Driving Growth with Exceptional Digital Banking Services for Business Members
Connect Digitally, Strengthen Relationships
Most Common Mobile Banking Activites
Checked an account balance
or recent transactions
94%
Downloaded their bank's mobile
banking app on their mobile phone
71%
Transferred money
between their bank accounts
61%
Received an alert (e.g. text message,
push notification, or email) from their bank
57%
Deposited a check electronically
using a mobile phone camera
51%
strengthen the relationship especially when personal
conversations are waning in this digital age.
Achieve the same digital
experience on all devices
separate system integrations to provide the best
40%
Located the closest in-network
ATM or branch for their bank
Uncovering opportunities while they’re online helps
Most FIs bear the burden of managing several
48%
Made a bill payment using their bank's
online banking website or banking app
Transferred money from their
bank account to another person
The same can be said for business members as well.
service to their account holders. This includes
25%
Source: Federal Reserve Consumers and Mobile Financial Services 2016
keeping data secure and compliant as well as
easily and readily accessible for end-users. Some
Engaging members to discover opportunities for
have the added complexities of multiple systems
cross-sell is critical, but because the branch and
for each delivery channel. It stands to reason that
contact center interactions are declining, finding
all efforts to simplify technology solutions benefit
ways to interact in a relevant way online or through
both internal resources and external members.
your mobile app become crucial as well. Does your
Your digital banking platform is no exception to this
current digital banking provider allow you to target
complexity. Providing an omni-channel unified user
your members 1:1 while they’re using their most
experience (UUX) for your members on all devices
popular channel?
accomplishes both goals.
Retail
Banking
Unified User
Experience (UUX)
© 2017, Q2 Software, Inc. Confidential and Proprietary. Information within this document is subject to change.
Business
Banking
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Driving Growth with Exceptional Digital Banking Services for Business Members
Behavioral Data and Targeted Marketing
For business members
Does your mind light up when you hear the term
“Big Data?” Unless you’ve dedicated a team, a lot
of money and time to focus on extracting relevant
action plans from all the behavior data within the
millions of transactions in your core, this challenge
has been on the back-burner and will likely stay
Age
Income
Location
MISSING DATA
Behavioral/
Transactional
data that provides
deeper insight
there. However, finding these behavioral patterns is
critical to personalize the digital banking experience –
helping both retail and business members financially
succeed and achieve their life-long dreams. Meeting
Credit Score
Account Types
them within the online or mobile banking channel with
Balances
these offers becomes key to both growing your credit
Rates
union and becoming a better financial partner.
Finding these behavioral patterns
is critical to personalize
the
digital banking experience.
For retail members
Don’t forget about your consumer members. How
are you capitalizing on this same data to better target
your existing online retail members? The first goal
is to drive your online/mobile banking penetration
Wouldn’t it be great if you could mine your data to
rate up. Then, once your members are there, the
help provide highly relevant offerings within your
key becomes creating relevant offers that match
digital channels? This turns into an opportunity
their transactional behavior which, in turn, produces
for your credit union to provide a true 1:1 target
enhanced engagement, increased share of wallet,
marketing channel where everyone wins.
improved retention and more member loyalty.
© 2017, Q2 Software, Inc. Confidential and Proprietary. Information within this document is subject to change.
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Driving Growth with Exceptional Digital Banking Services for Business Members
The Best Solution
Finding the right digital banking partner with everything described
within seems like a daunting task for certain. Choosing an innovative
technology solution provider given the importance of where digital
banking resides today and where it’s headed down the road becomes
mission critical for your members, your business members and your
credit union to grow and remain relevant.
Simplify your internal integrations and provide retail and business
members a truly unified user digital banking experience across all
devices by finding the perfect online and mobile banking provider—
one who offers a true unified retail/business and online/mobile digital
banking experience.
Simplify your internal
integrations and provide
retail and business members
a truly unified user digital
banking experience across
all devices by finding the
perfect online and mobile
banking provider.
So, how will you know if an online/mobile banking solution provider
really has a true unified user experience (UUX) as described above?
Start by asking them these questions:
Is your mobile banking experience really “mobile?”
• Can your members start using
• Can you make changes to PFM
your mobile banking app
budgets only from web-based
without first signing up first
online banking?
online from a desktop?
• Can you add a bill payee from
within the mobile app?
• Can everything your members
do online also be done within
your mobile app?
Being mobile-first will prove critical not only with Millennials, but with
every member moving forward.
In conclusion, I’d like to fall back on the previous analogy. Combo deals
are only valuable if all of the parts are of high quality. When selecting
the right digital banking strategy, make sure there’s true value for your
members, your employees, and your credit union overall. Q2 can help
you answer “yes” to the questions posed above. Are you ready to
become future-proof?
© 2017, Q2 Software, Inc. Confidential and Proprietary. Information within this document is subject to change.
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Driving Growth with Exceptional Digital Banking Services for Business Members
About the Author
By Stan Cowan, Marketing & Sales Manager for Q2. As Sales &
Marketing Programs Manager, Stan enjoys empowering banks and
credit unions with the knowledge and technical solutions they need
to succeed. Prior to joining Q2, Stan spent years in the financial
technology industry, 17 in a marketing executive leadership role within
financial institutions. He also holds a BBA in Marketing and an MBA
from Wichita State University.
About Q2
Q2 Holdings, Inc. (Q2) is a leading provider of secure, cloud-based
digital banking solutions headquartered in Austin, Texas. Q2 is driven
by a culture of partnership and dedication to empowering communityfocused banks and credit unions with digital banking solutions that
help them stand apart, scale smart, and grow beyond with retail and
commercial account holders. Q2’s solutions are designed to deliver a
compelling, secure, and consistent user experience on any device and
enable customers to improve account holder retention and to create
incremental sales opportunities. To learn more about Q2, visit
www.q2ebanking.com.
© 2017, Q2 Software, Inc. Confidential and Proprietary. Information within this document is subject to change.
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