Mobile banking has gone from cutting edge to mainstream faster than any other financial innovation. It’s quickly becoming a basic expectation, especially among younger consumers.
The number of U.S. consumers accessing bank accounts via mobile devices will nearly triple to 96 million by 2016, according to projections from Aite Group. And the number of mobile transactions will grow to 17 billion by 2015—nearly triple the total from just four years earlier, according to CEB TowerGroup.
It’s no longer sufficient to view your competition in terms of other credit unions and community banks. Your members expect your credit union to offer the products they see advertised by big banks—specifically mobile banking and payments capabilities.
If your credit union already offers these services, tell members and potential members about them.
Mobile bill payment, remote deposit capture, digital wallets, and person-to-person payments are on the verge of widespread availability. Soon, mobile devices will become the primary touch point with consumers. But there’s a downside, and it involves …
FinCEN issued a list last week of frequently asked questions regarding Customer Due Diligence requirements for financial institutions. The document contains 24 sets of questions and answers, which are also available on. CUNA’s CompBlog .
The CFPB is expected to release its proposal on debt collection in conjunction with a July 28 field hearing in Sacramento, Calif. CUNA has met with the bureau a number of times to address the forthcoming rulemaking.