7 Quick Insights About Mobile Banking

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Just who is using mobile banking you ask? The Federal Reserve recently published their Consumers and Mobile Financial Services Report for 2015, and the results give us a glimpse into who is actually using mobile banking services. In case you thought it was just the kids, by the numbers, here’s why your credit union should think again…  

• 87% of the U.S. adult population has a mobile phone
• 71% of mobile phones are smart phones (internet enabled)
• 39% of mobile phone owners with a bank account have used mobile banking in the past 12 months (up from 33%)

If they’re using mobile banking, here’s a breakdown of which services they’ve used in the past 12 months:

• 94% check account balances and/or recent transactions
• 61% transfer money between accounts
• 57% receive SMS text, email or push notifications
• 51% used mobile check deposit through their phone (up from 38%)

Stop Losing out on Loans and Wallet Share

It’s often said that, “it’s not always about where you are, but where you’re going.” While these numbers are certainly telling, what’s more important is that they’re rising – quickly!

When we consider mobile banking, we often gauge its importance by the amount of younger members that are gradually streaming through the doors of the credit union. What many are not taking into account, and what this report highlights, it that adult members are adopting mobile banking as well.

A good, clean, mobile banking application that is consistent with your online banking portal now equates to good customer service. If your credit union isn’t delivering, then you’re likely losing out on new loans and share of wallet.

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