On July 13, 2014, the Pew Research Center and Federal Reserve* sponsored a survey on bank and credit union mobile banking in the US. They found that 19% of adults in the US have used mobile phone banking within the past 12 months. The percentage of those mobile phone banking users performed the following activities using a mobile phone in the past year:
- Checked an account balance or recent transaction - 90 %
- Downloaded a banking application - 48 %
- Transferred money between two accounts - 42 %
- Received a text message alert from a bank or CU - 33 %
- Made a bill payment using a bank or CU’s website or application - 26 %
- Located the closest in-network ATM - 21 %
- Deposited a check to an account using a phone’s camera - 11 %
What about those 80% of US adults who are Non-Mobile Phone Banking Users? The same study asked them: "What are the main reasons you have decided not to use mobile banking?" Here is how they responded:
- My banking needs are being met without it - 57 %
- I’m concerned about the security of it - 48 %
- I don’t trust the technology to properly process my banking transactions - 22 %
- The cost of data access on my wireless plan is too high - 18 %
- It is too difficult to see on my mobile phone’s screen - 17 %
- It’s difficult and time consuming to set up - 10 %
We thought it would be appropriate to share these results with our CU blog readers as many of you have begun the process of mobile banking, and are taking steps to improve your product portfolio. These numbers seem to indicate that there is still a large percentage of people not using it because their banking needs are met by traditional methods.
Time to Change the Game
For those 57% of US adults who don't use mobile banking because they are satisfied with traditional banking, perhaps it is time to look at innovations that will convince these non-mobile users it is something that they need. Like Steve Jobs and Apple, who gave the world things we now need but didn't even know we wanted, looking to technology to change the game can be a credit union's most significant marketing achievement.
And what better place to start then to look at credit union mobile lending. Giving members the ability to use their smart phone or tablet to apply for, gain approval on, and check the status of a loan may be that game changer credit unions need in their product portfolio. And it is now easier to do than you can imagine, using FLEX's innovative and integrated mobile lending solution. Join us for a webinar on October 15th at 2pm ET to see FLEX's Mobile Lending in action:
*Survey results provided by Statistic Brain.
