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Michigan Credit Union League

CUSG's LifeSteps Wallet Leads the Way in Credit Union Mobile Banking

At last week’s CUNA GAC, Michigan Credit Union League (MCUL) and CU Solutions Group (CUSG) CEO Dave Adams spoke with Mike Lawson of CU Broadcast about credit union mobile banking and avoiding “marketing myopia.” He focused on CUSG’s LifeSteps Wallet as a way credit unions can enhance their members’ mobile banking experience.

In November of last year, CUSG launched LifeSteps Wallet, a mobile banking enhancement suite designed to help credit unions stay top of wallet and top of mind with members. Security Credit Union became the first credit union to launch their LifeSteps Wallet app; about one dozen other credit unions are in contract stages and 150 more have requested demos.

“[LifeSteps Wallet] helps put the credit union in front of their members,” said Adams. “We’re excited about it. We think it’s a game-changer.”

Adams said a key challenge for credit unions is combating “marketing myopia,” or looking at business too narrowly. He used the railroad industry as an example, citing its failure to see how automobiles, trucking, airplanes and even telephones would transform the transportation industry.

“They were not thinking in terms of what the customers needed and where technology and change would take them,” he said. “We’re on a mission at CUSG to challenge that thinking and, just like with the railroad industry, say to credit union leaders ‘are you looking at mobile banking too narrowly?’”

He went on to say that credit unions need to have a comprehensive mobile banking strategy that takes into consideration the way consumers interact with technology and their financial industries. CUSG continues to research ways to stay on top of industry advancements, like voice activation features that can be embedded into the technology.

“We’re really trying to be thought leaders and innovators with products that help credit unions challenge the status quo,” said Adams. “All of us have all these apps on our phones anyway, but they’re not all liked together like we’re trying to do with LifeSteps Wallet. At its core, [it’s] about helping members to organize their lives.”

Watch Dave’s full interview below:

 

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2018-03-06 00:00:00