According to a recent Chase Bank survey, about one-third of Americans use mobile banking apps now more than they did a year ago.
Not surprising, millennials are the heaviest users, with 67% of young adults reporting they regularly rely on their smartphones to monitor their finances. And 45% of Hispanics use mobile banking.
A majority of respondents (54%) say they use their app at work. People also regularly conduct mobile banking during pauses in their day, such as standing in the checkout line at a store (38%), during their commute (28%), while waiting to pick up a child from school (24%), and even while on a date (17%).
Active mobile banking users average 17.5 visits to the app each month—mainly from their smartphones and, to a lesser degree, from tablet devices, according to Malauzai Software.
Although many people still prefer to conduct business inside a branch, you’ve probably noticed the shift toward mobile and online transactions among your membership, too. That includes older members who’ve discovered the advantages of banking on the fly.
Expect members to approach you with questions about your credit union’s mobile app.
The less tech-savvy types might need you to show them how the app works. Consider that about 15% of log-in attempts fail, according to Malauzai Software.
Start slowly with members who express a lack of confidence with the app. Show them functions like checking a balance and viewing recent transactions before introducing more involved functionality.
On the other end of the spectrum, you should have a solid understanding of the mobile app’s advanced features, so you can relate with members who consider mobile banking a necessity and rely on it as their primary tool for interacting with the credit union.
For instance, mobile check deposit and person-to-person payments (P2P) continue to gain momentum.
A typical financial institution has 25% more active mobile depositors than a year ago, according to Malauzai Software—perhaps in part because improved software now captures the image on the first attempt 75% of the time.
P2P users now average 1.85 money transfers per month, with an average payment of $312.
It appears Apple has fueled a lot of this growth: Owners of its devices send money at 65% higher values than Android users.
Mobile banking usage peaks on Fridays, Malauzai Software reports, but Wednesday is the top day for viewing check and deposit images.
This article first appeared in Credit Union Front Line Newsletter, the monthly sales and service newsletter for branch staff and their managers. Subscribe now to the print edition or PDF version.