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Catch the Wave: The Mobile Banking Revolution Has Arrived

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BY RYAL TAYLOE

The mobile revolution has taken the financial services industry by storm. Is your credit union ready for the tidal wave that’s about to crash down? Don’t fall into the category of CUs that are slow to respond to demand for mobilization and thereby lose out to eager FinTech startups. Follow these tips.

As if there was ever any doubt, the mobile tidal wave is finally hitting the financial services industry. It is making an impact on all areas of the operation, including even small business lending.

Consider this: According to the data research firm Statista, three out of four Americans have access to the Internet via a mobile phone. It took a bit longer for the financial services industry to catch up with the mobile revolution at large due to the reticence of traditional financial institutions to introduce digital banking solutions. Consumers’ long-held concerns surrounding privacy and information security also contributed to the delay. But the situation on the ground is shifting rapidly, with the influential Millennial generation leading the charge.

Millennials are much less likely to use a branch than their elders and are more comfortable using mobile banking for the majority of their financial transactions. This behavioral change is starting to have a broader impact across generational lines. According to a 2015 survey by Bankrate.com, “Four in 10 Americans haven’t visited a branch in the last six months.”

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