Credit Union UI/UX and Mobile Banking Guide

credit union digital ui ux guide

Download the full guide here.

This UI/UX 2.0 Guide is intended to show the state of mobile banking in the U.S. It should also offer some perspective about why mobile banking deserves more attention as a growth channel, why UI and UX are important, and which providers your credit union can trust to improve your product.

For the purposes of this guide, we define UI and UX as follows:

User Interface (UI) is what we use to interface with the digital world. It’s the visual design of and access point to technology, such as web browsers, mobile apps, and the graphics layout of video games.

User experience (UX) is how we interact with the digital world. It determines the actions we take to accomplish tasks within the UI, such as searching for a website, navigating from accounts to loan applications in a mobile banking app, and the actions in and controls of video games.

Your most popular branch is digital—your app is the front door. Read our trends and analysis to see the state of mobile banking now and in the future.

CRM and CXM Trends and Statistics

Your mobile app is now your brand’s primary touchpoint.

Most consumers actively use mobile banking. For those who have smartphones, mobile banking penetration is nearly 100% in Gen Zand Millennials, over 90% for Gen X, and over 60% for Boomers. Per The Financial Brand, digital banking channels are becoming more used and preferred.

Most credit unions have decent mobile app user scores.

A review of the top 968 credit unions showed that the average combined mobile app score (Android and iOS) was over 4.0. However, credit unions with more than $1bn in assets are more likely to have higher-rated apps. (Analytics courtesy of Trellance.)

Fig. 1:

Fig. 2:

Higher-rated mobile apps correlate with increased credit union growth and performance.

Credit unions with low-rated apps see on average lower asset growth rates, member growth rates, loan growth rates, and lower share growth rates. Furthermore, credit unions with low-rated app scores had average asset growth rates of -156% vs. the 134% asset growth rates of credit unions with high-rated app scores.

What the data suggests is simple: better mobile banking experiences are directly tied to credit union success, including growth and profit. Investing in mobile banking UI/UX is a competitive necessity.

Download the full UI/UX and Mobile Banking Guide here! This version is missing a few things…

Evaluation Strategies

Are you looking for a specific solution for a specific issue, or are you looking for something that can conceivably address most of what you’ll need?

We group our UI/UX and mobile banking fintechs into 4 categories:

Single use & tools

These fintechs do one thing (okay, sometimes more) and they do it well. These usually integrate into your mobile banking app and add new features or functionality that improve the way members interact with your brand.

For example, single use fintechs might improve identity verification, marketing communication, online account opening, or budgeting.

There is no right or wrong path here.

CU-brand

CU-brand fintechs solve many issues under one banner. Generally, these fintechs offer multiple products and services that they can package into their mobile app, digital banking platform, etc.

Co-brand

These fintechs don’t just provide many of their own solutions; they also bring in outside solutions to further improve member access to key banking products.

Note: Constellation Digital Partners should be listed as a co-brand solution in the downloadable version of this guide. It is currently incorrectly listed as a CU-brand solution.

Ecosystem

The largest, most developed digital banking platforms offer massive, wide-ranging abilities and integrations. Working with one of these brands means access to everything else under their roof, but it may limit your flexibility in working with competing single use fintechs outside of their brand.

We have these all shown on a table in the PDF version of this guide. Download the full Credit Union UI/UX and Mobile Banking Guide here.

UI/UX and Mobile Banking Fintech Ratings

Rating Methodology

CU 2.0’s rating methodology for our early guides is very simple. We measure the potential impact of working with each fintech for both the credit union and the member (Potential ROI and Member Usage Rate). Our scoring guide is as follows:

0: N/A or no impact. May not be used; may have no effect.

1: Minimal impact. Benefits may be real but difficult to quantify; may see limited or highly situational use.

2: Moderate impact. Benefits may be modest but quantifiable; may see regular or broadly situational use.

3: Major impact. Benefits may be both quantifiable and wide-ranging; may see frequent use and/or high adoption; .

Our impact ratings don’t necessarily correlate to the quality of a given solution. Fintechs with higher potential impact scores aren’t automatically better, or a better fit, for your credit union and members.

Download the full guide here!

Fintech Ratings

The following development first are listed alphabetically. These ratings correspond only to the two listed variables (Credit Union ROI and Member Usage Rate). These aren’t ranking of quality, nor are they recommendations—they’re meant only to serve as a starting point in your research to find a viable partner.

Trusted solutions are highlighted with an asterisk—these are fintechs that CU 2.0 has vetted personally.

Mobile Banking Providers

Fintech nameOverviewPotential ROIMember Usage Rate
AlkamiAlkami Technology, Inc. is a cloud-based digital banking solutions provider for banks and credit unions.23
Bank DoraCredit unions can partner with Dora, a quickly growing, CU-powered digital bank with award-winning UI/UX (from BankingON).30
BankingONBankingON provides a mobile banking layer that adds functions, features, and useability to legacy mobile banking apps.23
BankjoyBankjoy’s digital banking platform includes onboarding, loan applications, and conversational AI.23
BannoBanno is a cross-platform digital banking platform built specifically for community credit unions and banks.23
Connect Financial Software SolutionsConnect FSS is a CUSO that provides customized digital banking platforms for credit unions.23
Constellation Digital PartnersConstellation’s highly fintech-enabled digital banking platform elevates the credit union experience by connecting members with your app, your fintechs, and your brand.33
Lumin DigitalLumin Digital’s digital banking platform for credit unions is built to accommodate cloud technology.23
NarmiNarmi offers highly functional digital banking and digital account opening platforms for credit unions and banks.23
NCR DINCR’s DI is a mobile app for credit union SMB members.23
NymbusNymbus offers turnkey digital banking systems, support, and related services for credit unions and banks.23
Open Banking SolutionsOpen Banking Solutions offers a cloud-based core and digital banking suire designed for the future of CU tech.33
Q2Q2 provides digital banking and lending solutions to financial institutions and fintechs.23
TyfoneTyfone offers a customizable digital banking solution for community banks and credit unions.23

Mobile Banking Tools

Fintech nameOverviewPotential ROIMember Usage Rate
Array*Array turns indirect members into “full” members by embedding credit tools and offers into your digital banking platform.31
Bonifii*Bonifii is the CUSO that powers MemberPass, a blockchain-enabled solution that lets members show and prove their identity quickly.22
ChannelNet*ChannelNet is a data-driven marketing platform for financial institutions that specializes in personalization.32
Chimney*Chimney’s white-label financial calculators let credit unions educate members and generate leads.32
Cozera*Cozera’s id-go offers simple, fast, and secure member verification.22
Digital Onboarding*Digital Onboarding streamlines the member onboarding journey to increase engagement and reduce attrition.21
Greenlight*Greenlight helps credit unions acquire, support, and empower kid and teen members with family financial tools and education.33
Constellation Digital Partners*Constellation’s highly fintech-enabled digital banking platform elevates the credit union experience by connecting members with your app, your fintechs, and your brand.33
QuiloQuilo offers core-agnostic, seamless personal installment loans and payment options through their real-time loan syndication network.31
TerafinaTerafina is a digital account opening and omnichannel sales platform for banks and credit unions.22
WithClutchWithClutch helps members find, purchase, and (re)finance cars through their credit union’s banking app.21
XtremePushXtremePush is an omnichannel engagement platform that connects with members to build relationships.12

Please note that these ratings are in their early stages and will be updated as we include more data and more complex variables. The ratings are not definite—your credit union could see a different level of impact than listed in this guide.

Did we miss a fintech? Please let us know at [email protected]

Recommendations

Choosing the right partner will depend on your goals, budget, timeline, and other factors. The shop that works for the credit union down the street may not be the best fit for you.

For deeper discussion, analysis, and recommendations, CU 2.0 can help in the following ways:

  1. Join our Fintech Call Program. In quarterly 30-minute calls, we’ll discuss in depth new and innovative fintech solutions that fit your credit union’s needs. We can also help you review other solutions you’re looking at.
  2. Ask for an introduction. We maintain relationships with most or all of the vendors rated above. We would be happy to give you a warm introduction to any we can on the list.
  3. Book a consultation. CU 2.0 offers technology and fintech consultations and reviews to identify best-fit solutions for your credit union.

Download this and other guides like it here!

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