Mobile Banking – On Its Way to the New Banking Standard?

While just a few years ago, ones’ newly minted cell phone would not be associated with financial transactions of any kind, today, the two appear to have developed a happy and long-term relationship!  This “marriage” was recently explored in the article from the New York Credit Union Association, If You’re Not Mobile, You’re Not Banking

This piece references the Federal Reserve’s Annual Survey of the use of mobile and smart phones (those that are internet-enabled) to perform banking services. Among the key findings that most support that mobile banking is truly becoming a banking requirement, is the 33 percent of all mobile phone owners that have used their phone to do banking in the last year; a 5% increase over last year.

The survey indicates that this increasing comfort level does not extend to all transactions, as only 17% of mobile phone users report that they made a mobile payment in the past two months, up only slightly from last year’s 15%.

While some may be hesitant to trust their mobile phones to conduct all of their transactions, from what we are hearing from our credit union users, the growing popularity of, and comfort with this new approach to financial management is clearly on the rise. When asked about their implementation of mobile banking, Rosemary Shields, Chief Operating Officer for HRCU, said, “Members love our mobile banking! We have had a great adoption rate. Mobile deposits increasing every day. I have to say that the roll out of mobile deposit was seamless.”

With an adoption rate that saw 2,598 members enroll in the first 6 months, with 747 enrolling in mobile banking in the last 4 months, mobile banking is truly becoming simply “banking” for many of their members – and staff! 

“I use both mobile and online banking and I have to say that mobile is probably now my first choice. I love mobile bill pay. It’s very easy to navigate and I like the history view better in mobile. Many of our new members have found that once you go mobile it becomes your preference,” Shields said.

To help credit unions communicate the ease of Mobile Banking to their members, we’ve created this Financial Tools video!