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 …
NCUA Chair Rick Metsger told CUNA that the agency has begun the process of consulting industry practitioners to assist in the transition as credit unions work to implement the new current expected credit loss accounting standard.
CUNA’s inaugural Fair Lending Workshop took place last week in Denver, leading to valuable discussions on compliance with the Equal Credit Opportunity Act, the Fair Housing Act, the Home Mortgage Disclosure Act and more.