MADISON, Wis. (5/28/14)--According to the latest Technology Spending Survey from the Credit Union National Association, nearly 50% of credit unions increased their technology budgets compared with last year, putting a higher priority on mobile banking.
The 2014 survey, spotlighted in the June issue of Credit Union Magazine, noted that larger credit unions had the largest increases in their budgets compared with last year. Twenty-eight percent of credit unions with $500 million in assets bumped their spending by more than 10% compared with 2013. Another 25% nudged their tech budgets up between 6% and 10%.
Smaller credit unions--those with less than $50 million in assets--said their tech budgets would remain the same.
In the hardware category, iPads and tablets are being purchased for CEOs (30%), senior management (27%) and directors (25%).
Of the credit unions responding to the survey, 97% offer online banking, and just over 40% of members who have checking accounts are signed up for online banking.
The transactions least likely to be included in online banking are making person-to-person payments, applying for a mortgage, transferring funds to a different financial institution or opening an account as a new member.
Credit unions have been quick off the block for mobile banking with 60% of respondents offering this service. Asset size appears to be a factor in this category: 100% of credit unions with more than $500 million in assets offer mobile banking, while the credit unions that have no plans to launch the service have less than $50 million in assets.
This is the first part of CUNA's 2014 Technology Spending Survey, which will be published in its entirety this fall.