I was recently asked to speak at a conference in the lovely state of Michigan. They asked me to present on the ten most interesting products of the year. It sounded like something I’d like to research, plus, I’d just seen this video, so I said yes.
Now I must build my presentation. Here are some things I’m looking at:
1. Mobile Banking – we launched mobile banking on May 2 and we already have over 1,500 members using it. I think it’s fair to say there is demand for mobile.
2. Remote Deposit Capture – immediately after our mobile banking launch, members started requesting remote deposit capture. The ability to deposit your check by clicking a button on your smart phone seems like a no-brainer. Who wouldn’t want that?
3. Personal Financial Management tools – PFMs let you track, visually represent and project your expenses. I’ve talked to several credit unions who have found that their most committed members are quickly adopting PFMs.
4. Personal Bookkeeping – as more of us are taking care of our parents’ finances, I think that members will turn to their credit union for assistance in paying bills and managing basic finances for their parents.
5. Rewards Checking – Even though this produce has been around for awhile, I think consumers are searching for higher dividend rates and so many people use debit cards now that the qualifications seem like a non-issue.
6. Thrifty Phone Apps – I personally like PiggyMojo It’s a fun way to get instant gratification for saving money.
7. Short-term fixed rate second mortgages – Lots of people want to pay down their mortgage early with a lower rate, but don’t want the closing costs. We call our product Live Happy and we’ve had many members use it to pay off their first mortgage.
And… that is all I have. So I post this, asking our membership – what banking products or services have you seen or heard about that interest you? What do you think about the seven I have listed above?
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