Credit unions — historically the technology leaders in financial services — have been generally slow to implement sophisticated mobile banking and RDC solutions. As IT budgets increase in 2011, this will be the year for credit unions to get ahead and stay ahead.
Following are six trends every credit union executive needs to know about mobile banking and remote deposit capture (RDC).
1. All the big guys have it.
The four largest banks in the country — Bank of America, Chase, Citibank, and Wells Fargo — have successfully deployed sophisticated mobile banking applications. Chase, USAA, and PayPal currently offer mobile RDC functionality. How will your credit union compete?
2. Smartphones are now the standard.
Smartphones are currently in use by 34% of adults in the United States, totaling 59 million. In 2011, smartphones will outsell regular mobile phones. This level and widespread adoption of technology opens the door to new strategies for engaging your current and potential members.
3. It’s all about the Apps.
By the time you read this sentence, Apple iOS users will have downloaded approximately 2,000 apps; that’s 206 apps per second to the tune of more than 10 billion total apps since the iPhone was launched. (Apple) Downloaded apps are the most effective way to control and personalize your members’ experiences.
4. Triple play, triple threat.
Mobile web, also known as WAP, is popular for users who aren’t yet on a major smartphone platform while SMS text messaging is still a convenient way to check balances and transfer funds instantaneously from any mobile phone. You need to offer all three to satisfy the range of preferences from your members.
5. What youth and the wealthy have in common.
According to Nielsen, 20% of adults who regularly use mobile banking applications are younger than 24 and both the average balance and the average net worth of the typical mobile banking user are significantly higher than non-users. This means a smart credit union can use a smart mobile banking strategy to attract the young and the wealthy.
6. Mobile RDC has people talking.
Chase launched remote deposit capture on a mass scale in July of 2010, and the market has reacted. Consumers are steadily becoming more aware of the ability to deposit checks with a smartphone. This widespread and mainstream visibility will drive the adoption rates of mobile check deposit functionality as part of a robust mobile banking solution.
Mobile banking is going to surge in popularity in 2011. Credit unions have a window of opportunity to leverage these technologies to differentiate themselves from their counterparts and grow their membership. Don’t be left behind!
“Mobile Banking and RDC: How to Get Ahead, and Stay Ahead” Click here to register for this one-hour mobile banking webinar on March 23 at 11 a.m. Pacific hosted by Bluepoint Solutions. This informative event will feature guidance from leading mobile banking provider Access Softek, an in-depth interview with early-adopter Credit Union, and an industry update from RemoteDepositCapture.com.
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