BROOKFIELD, Wis. (1/20/16)--Offering mobile banking technology can reduce member attrition, beef up transactions and lead to the use of more products, according to recent research from the Brookfield, Wis.-based financial services technology firm Fiserv.
Fiserv looked at the behavior of more than 67,000 credit union members and bank customers for three months prior to and three months after they started using mobile banking.
Perhaps most notably, the research found that the attrition rate for members taking advantage of mobile banking dropped to 4.9% at large credit unions, compared with 13.4% for those not using the service.
For medium and small credit unions, the attrition rate fell to 2.8%.
“The financial institutions in this study are seeing tangible revenue from mobile banking,” said Matt Wilcox, Fiserv senior vice president/marketing strategy and innovation. “Marketing mobile banking and highlighting how it can help consumers keep pace with the speed of life is absolutely essential if financial institutions want to grow adoption and use of the service and reap the benefits of their mobile investment.”
In addition to retaining members, the research found that those financial institutions offering mobile banking experienced: