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Michigan Credit Union League Home » Information Services » Publications » News Articles  

Reports Show Mobile is Critical for Credit Unions   (Misc News: February 17, 2012)

A report by a financial services research firm says that credit unions are lagging behind big banks in mobile banking technology and usage.

Also, a story posted at a site for digital marketers, says that explosive growth of mobile devices – particularly the startling quick acceptance of iPads and other tablets – during the Christmas shopping season shows that marketers need to have a tablet strategy in 2012. 

Javelin Strategy & Research found that only 15 percent of credit union members currently use mobile services, compared to 37 percent of the customers at big banks. Some predict that by 2016 more than half of consumers will do their banking via smartphone or tablet and Javelin cautions that credit unions risk losing current members and failing to attract new ones if they don’t build their mobile capabilities.

“Mobile banking users are young. Wealthy. And mobile banking is the future,” Mary Monahan, author of the study and executive vice president and research director for mobile, told CU Times.

“Younger customers are gravitating to big banks because they offer the mobile services they want,” Monahan said.

Monahan said credit unions need to offer text banking and mobile banking. Some strategies call for offering both a mobile-optimized site and an app, while others – including CU Solutions Group, an MCUL affiliate – are just focusing on mobile-optimized sites.

The report says that more than twice as many consumers at the nation’s giant banks are using mobile banking than are those at credit unions. It says that at the nation’s four giant banks, 37 percent used mobile banking in the preceding 90 days compared to 22 percent at midsized and regional banks and just 14 percent of credit union members. Ninety-two percent of the 25 largest banks now offer mobile banking.

Click here to learn more about the report., the site geared for digital marketers said in its report that 14 percent of all respondents to its survey indicated that they used an iPad or other tablet to make a purchase during the holiday season. That means that in just 18 months since the first iPad went on sale, tablets nearly equaled mobile phones for online shopping use.

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