BOSTON (6/27/13)--Users of mobile banking devices are becoming less resistant to fees, according to the 2013 ath Power Mobile Banking Study Power from ath Power Consulting, a Boston-based financial services research and strategy firm.
Banks trolling for fee opportunities will see one here, but that also will present an opportunity for credit unions to beat the banks on yet another range of products by extending these as low-cost or no-fee, affordable services to members, said the Credit Union National Association.
Banks also will be use mobile banking services to try to shore up sagging customer loyalty. That won't happen if credit unions reach their members and potential members first with sophisticated mobile banking services that members want.
The ath Power study also revealed that remote deposit capture continues to be the most sought-after mobile banking feature, and that next-generation capabilities such as voice authentication and mobile photo bill pay would encourage more consumers to adopt mobile banking.
"Retail customers are becoming less resistant to monthly fees for mobile, with one in three now saying they would be willing to pay for mobile banking," said Michael McEvoy, ath managing director. That is up from the one in five during last year's study, he said.
"With more banking capabilities available to users and its obvious convenience, mobile is quickly becoming the preferred channel for many, with one in two customers logging into their accounts at least twice weekly. This is a clear opportunity for banks to build customer loyalty and potentially drive revenue," McEvoy said.
"Mobile banking is the fastest-growing channel in bank history," said Matt Wilcox, senior vice president and director, interactive services and marketing at Zions Bank. "Banks simply cannot afford to not leverage this medium and its power to serve their clients and connect with them on a greater level. The challenge will be to innovate and provide the functionality that meets customer demand."
Credit unions also can keep in mind these other findings:
For more information on mobile banking, use the links.