Five Reasons CUs Can’t Afford to Wait on Mobile

Already a game-changer, mobile technology’s impact on financial services has only begun.

February 12, 2013

Aite projects the number of U.S. consumers accessing bank accounts via mobile devices will increase from 33 million to 96 million by 2016. More importantly, members are increasingly relying on the mobile channel as their primary form of communication.

If that’s not enough, here are five reasons credit unions should adopt mobile banking in 2013:

1. Consumers demand it

Mobile banking offerings have become deciding factors for new members. With 6.4 billion mobile transactions conducted in 2011, TowerGroup predicts this will grow to 17 billion by 2015.

But members want more than the basics. Mobile payments, merchant coupons, remote deposit capture, person-to-person payments and ATM transaction pre-staging are just a few of the advanced options credit unions can offer members.

2. It’s cost-effective

Like other self-service channel technologies, the mobile channel reduces transaction costs. According to TowerGroup, a typical mobile transaction costs 86% less than a branch transaction and 95% less than a call center transaction.

On average, mobile transactions are about one-third the cost of ATM transactions.

3. Mobile interconnects channels

Providing a seamless experience anytime/anywhere, mobile banking can help credit unions integrate channels and offer consumers a consistent experience.

Creating a similar look and feel for online and mobile platforms is a start, but credit unions can also tie branch and ATM services into the increasingly popular mobile channel.

4. Anywhere/anytime access deepens connections

Allowing consumers to access their financial information anywhere at any time also gives credit unions unique opportunities to connect with members. A mobile app can be a marketing device, allowing credit unions to present new offers when consumers are actively thinking about banking.

Based on real-time transactional data and mobile GPS technology, credit unions can also analyze critical data about where and when consumers access certain types of information—essential information for marketers.

5. Mobile continues to evolve

Mobile adoption continues to grow quickly toward the proverbial tipping point. As technology evolves, credit unions will experience a rapid increase in usage and opportunities to integrate.

Credit unions that wait on mobile offerings will fall behind, missing an opportunity to engage members before they look elsewhere for mobile banking that meets their needs.

Source: “Leveraging Technology to Humanize Service,” a report from Diebold.