Many of you that fly frequently have probably noticed the mad dash people make to turn their cell phones and other gadgets on as soon as (if not before) the pilot gives the all-clear signal. It’s indicative of our hyper-connected society in which consumers, thanks to the collision of modern technologies like the internet and mobile smart devices, can access any content, anywhere, at any time (barring a few painful minutes on an airplane).
Your credit union or bank simply cannot afford to fall behind this collision between people, their money and technology. Unless someone pulls the plug on the internet, mobile banking is here to stay and will only continue to grow in usage and relevance. Your consumers will expect it as a core service. If you’re not doing this already, you’re dangerously behind the curve. If you are, make sure you position your bank or credit union to lead with these as core services, not perks on the periphery.
People like to be connected. While Facebook and texting may have replaced quilting circles and barn-raisings, a sense of community, albeit a technologically isolated one, persists. We keep our cell phones and tablets near us at all times, in our pockets, purses, hands and holsters. Some mental health professionals now believe cell phone and tablet use is an addictive disorder.
Healthy or not, consumers want and need their smart phones and tablets and an increasing number use them to conduct banking activities. According to a report from the Federal Reserve:
- Nearly 21 percent of mobile phone users in the survey report that they used mobile banking in the past 12 months
- Among those consumers who do not currently use mobile banking, 11 percent report that they will “definitely” or “probably” use mobile banking in the next 12 months
- An additional 17 percent of those who report that they are unlikely to use mobile banking in the next 12 months report that they will “definitely” or “probably” adopt mobile banking at some point.
The math doesn’t lie. Added up, that’s nearly half of all consumers that either currently use or have plans to soon use their smart phones or tablets to conduct mobile banking. And what are they using those gadgets to do? The most common include using designated credit union/banks apps, checking account balances, transferring funds between accounts and remote deposits.
One-third of the total U.S. population (about 100 million consumers), now use some sort of mobile banking. They expect seamlessness and control, tailored and personalized experiences and social/sharing aspects in your mobile offerings. If it seems like a lot, it is. Is your bank or credit union ready to accommodate?