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Getting Smart – Mobile Banking Continuing To Gain Momentum

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Credit unions must investigate and capitalize on this new normal in banking.

By W.B. King

While I enjoy my smart phone, my two-year contract with AT&T is up for renewal. You know the deal: a new contract means a new phone. Once again I find myself in a quandary as I have a chorus of friends and colleagues who swear by the Apple iPhone. However, in my area, just north of New York City, the combination of iPhone and AT&T equates to numerous dropped calls. Add to the equation that I’m a “PC” person and I find myself leaning toward the HTC Inspire and its Android capabilities but have yet to pull the trigger.

A new smartphone is sort of like buying a car with 99 percent less pressure and investment. But, more and more we are our phones. The wrong choice equals wasted time, frustration and in some cases, the inability to effectively manage financial transitions.

I’ve written on mobile banking trends for a number of years. It has caught on of course but there have been snags and bumps along the way; all the kinks have not been worked out (yet). I see it as a slow moving tsunami, the epicenter was far off shore and now the wave is slowly building ready to wash away many traditional banking constructs that have so far stood the test of time.

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