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Credit Unions Keeping Up With Banks for Mobile Banking Services

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By Roy W. Urrico

Screen Shot 2014-05-29 at 4.27.15 PMThe statistics, projections and surveys are in. Supplying mobile banking to accountholders is no longer an option for credit unions. It is a must offer channel from a member-service standpoint and it looks like it is a bonus from a ROI perspective as well. The good news is that just as consumers now consider mobile banking a must, credit unions appear to be well positioned to capitalize on the growing number of accountholders using m-banking services and are more than holding their own against bank competitors.

Mobile banking refers to systems that allow members to perform transactions through mobile devices such as a smartphones and tablets. Last year, 74,000 consumers began using mobile banking services such as bill payment, balance inquiries and transfers every day, according to Javelin Strategy & Research. “The adoption of mobile banking is occurring at a breakneck pace,” Javelin holds, “with 4 in 10 mobile bankers having used the service for the first time in the past year.” By 2018, more than 6 in 10 mobile consumers, or 63 percent, could be using mobile banking. Over the next five years, Javelin said, the stream of customers switching “to financial institutions with superior mobile services will soon become a river.”

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