Mobile Banking: Getting More Likes from CUs and Members Alike

There’s good news for credit unions on the mobile banking front, as CUNA cites recent research from GOBankingRates that indicates that credit unions are on par with banks when it comes to meeting members’ increasing demands for mobile banking.

And, if some financial institutions are hesitant about joining the mobile movement, it should be noted that members are certainly not, as reports from MobStac show that consumer mobile adoption continues to rise.  A recent article from CUNA News Now explores the organization’s report on how the mobile movement is only gaining steam, and becoming more entrenched in your members’ lives.

Key findings include:

  • In 2013, U.S. mobile commerce sales grew 63% to $34.2 billion.
  • Seventy-eight percent of smartphone users access retail sites through a mobile app.
  • Traffic from mobile devices accounted for nearly 40% of total online shopping visits on Black Friday and Black Monday in 2013.
  • Fifty-one percent of Facebook referrals for publishers come from mobile.
  • At the end of 2013, 74% of U.S. mobile phone users owned a smartphone, and 55% owned a tablet.
  • By 2015, 81% of all U.S. cellphone users will have smartphones.
  • The number of mobile commerce retail sales is expected to rise to $61 million for tablets and $25 billion for smartphones and other mobile devices by 2016.
  • Sixty-two percent of smartphone users have bought physical goods through their mobile devices in the last six months.
  • Mobile is estimated to account for 25% of all U.S. online sales by 2017.
  • Forty-one percent of shoppers said they redeemed mobile coupons at a department store and 39% mentioned clothing stores.
  • Fifty-seven percent of smartphone users visit the company’s site or app while in-store.
  • Forty percent of mobile consumers turn to a competitor’s website after a bad mobile experience.
  • In 2013, revenue attributable to mobile apps was $26 billion – up 70% from $18 billion in 2012.


You can read more about the role of mobile banking in members’ lives, as well as tools to help them make the mobile connection with your credit union, in this past Synergent blog entry