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Is mobile banking the right choice for your credit union?

first_imgWith so many people tuned into their smartphones, it’s no wonder numerous banks have begun to go mobile. But is it worthwhile for credit unions to follow suit? Absolutely. Let’s discuss why.First, the facts. A 2015 study from Pew Research Center’s Internet & American Life Project found that nearly two-thirds of American adults own a smartphone. As a matter of fact, 96% of millennials surveyed in 2014 said that their smartphone is “very important” – making it more important than deodorant (90 percent) and even their toothbrush (93 percent). That’s good news. Well, maybe not the fact that phones are more important than deodorant, but it does re-emphasize that people are using their mobile phones more than ever. What about for banking?A 2015 study by Bank of America found that nearly six in 10 (57 percent) of respondents had tried mobile banking apps, while more than half (51 percent) use either mobile or online as their primary method of banking. The study also found that less than one quarter (23 percent) of respondents and just under six percent of younger millennials complete the major majority of their banking transactions at a bank or credit union branch.Now we know that people rely on their smartphones, and that they’re open to mobile banking. But what kinds of things will they do with mobile banking? continue reading » 3SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more