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This Report Sponsored by:
Callahan’s would like to thank mShift for sponsoring this research. Callahan’s does not endorse a specific mobile banking solution. This research report presents findings from Callahan’s own Internet Survey Consortium as well as case studies on a variety of solutions, including one by mShift.

 

 

 

 
 

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Integrating Mobile Banking into Your Retail Delivery Strategy: What do Members Really Want?

Many credit unions are taking a renewed look at this potentially new channel for member transactions and information. About one-fourth of the credit unions in Callahan’s 2007 Credit Union Technology Survey are planning to invest in mobile banking offerings within the next two years. But despite the hype, questions remain about consumer adoption.

Financial institutions of all sizes are asking:

  • Who is likely to use mobile account access?
  • Will it enable us to attract new member segments?
  • Do current mobile access methods provide sufficient security?
  • What technological and perceptual barriers exist?

Based on member feedback from more than 10,000 online credit union members in 2007, this Callahan research report provides insight into member perceptions on Mobile Banking. Using both financial institution case studies and member data from Callahan's Internet Strategy Consortium, the report provides concrete ideas for developing and marketing a mobile banking offering. This research investigates the barriers to mobile access and provides considerations for technology selection. The report discusses member perceptions regarding concerns and benefits that can be leveraged in future marketing.  

“For most credit unions, the question regarding mobile account access should not be ‘if’ but when. Credit unions have an opportunity to develop a mobile banking strategy. While the technology is available, little is known about consumer acceptance.”

Introduction: Mobile Banking:  Real Opportunity or Hype?

Section I:  Developing a mobile strategy:  Issues Every Credit Union Should Consider

Reasons to Offer Mobile Banking
Barriers to Mobile Adoption:  Arguments for a Cautious Mobile Strategy

Section II:  How are online members currently using mobile phones and mobile-banking related features?

Use of Mobile Phones

Use of Mobile Phones
Types of Mobile Phone Users
Use of Mobile Phone Features Related to Mobile Banking

Section III:  Desired Mobile Banking Capabilities

Interest in Mobile Banking Capabilities
Interest in Mobile Payments and Funds Transfers

Section IV:  Marketing Mobile Banking

Mobile Banking Benefits
Mobile Banking Concerns
Where Members Expect to Use Mobile Banking

Section V:  Mobile Banking Case Studies

Taking the First Step:  A .Mobi Site:  CEFCU
Making the Technology Decision:  America First Credit Union
Evolving Retail Delivery to Reach Members:  KeyPoint Credit Union
Leveraging Technology to Promote Convenience:  Amplify Credit Union
Promoting Convenience through Mobile Banking:  Citibank
Focusing on Safety and Security:  Bank of America
This independent Callahan research was made possible through sponsorship from:

In this issue:
 -Industry providers share insights on what the future holds for credit unions and how they plan to help
-A look at how credit unions are creating an enduring impact for members
-Six interviews with faith-based credit unions

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