MADISON, Wis. (9/11/15)--Credit unions must do several things to make sure they don’t miss the mobile banking wave while the technology transforms financial services, according to a new report from the Filene Research Institute.
Mobile is a disruptive force that no credit union can afford to ignore, said “Mobile Banking: Trends in Technology, Innovation, and Equity,” the result of a colloquium by Filene and Stanford University with representatives from academia, design, technology start-ups and credit unions in the Silicon Valley.
“Embracing mobile can’t just be a matter of trying to copy the big players,” the report said. Credit unions “need to deliver a ‘table stakes’ level of mobile--ideally, through cost-effective collaboration--but they also need ways to use mobile to leverage credit union strengths and address member needs. Then, the system will make a real difference in members’ financial health and ensure its own.”
The colloquium addressed three areas:
The group made five recommendations to credit unions: