Connect with Mobile Banking: Part One in a Three-Part Series

November 03, 2011

Today there are more than 5 billion mobile phone subscribers in the world, and penetration has now surpassed both the number of internet users and television viewers. Moving forward, mobile banking is set to be a natural extension for today’s consumers. Mobile banking isn’t the new technology, it’s the “now” technology your members expect.

Nearly a decade ago, prior to the smart phone revolution, it all began with SMS/text messaging. Today though, most of the large issuers are already offering mobile banking via text messaging, mobile browsers, and downloadable apps for iPhone, Blackberry and Android phones. In addition, mobile remote deposit capture is gaining quite a lot of traction, especially with JP Morgan Chase’s latest advertising campaign. Today’s consumers want to be connected 24/7 and demand for these services is continuing to grow. Soon these services will become table stakes in the financial services industry, and credit unions can embrace mobile banking services knowing that they can help meet member needs and enhance relationships.

Much of the ground work has already been laid and the time is right for consumer adoption. According to Javelin, mobile phone usage is at 84 percent among all consumers and smartphones are now being used by more than 35 percent of mobile users. In addition, one in every four mobile users is downloading at least one app a month to their phones.

Stay tuned for part two of this three-part series where we’ll review mobile solutions and innovations.

To learn more about how you can make mobile banking work for your credit union, call 888.930.CSCU (2728) ext. 304 or visit www.cscu.net/mobile.

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