Biometric Authentication And Tech In Credit Unions

Five can't-miss data points featured this week on CreditUnions.com.

 
 

This week on CreditUnions.com we look at biometric authentication, technology in credit unions, non-interest income, why you need to know about fintech, and more.

Here are five data points you need to know:

33%

Working with its vendor partner, Arizona Federal Credit Union began offering fingerprint authentication in June 2015 and followed up with eye scanning that September. That was on Apple devices. The credit union added Android support in February 2016. By December 2016, members of the credit union authorized 33% of their mobile logins via biometrics.

See how Multi-factor authentication might one day skip the user name-password option in "Biometrics Bests Old School When It Comes To Mobile Banking Security."

22%

That's the number of credit unions that offer mobile payments, according to data from Callahan & Associates. 55% of credit unions offer some form of mobile banking.

Learn more about electronic service delivery in "Technology Offerings At Credit Unions."

$2.8 Billion

Fee income and other operating income – or other income – are the two categories of NII that the NCUA captures in its 5300 Call Report. Fee income includes account-related charges, such as overdraft and late fees. Other income includes interchange fees, mortgage sales and income from ancillaries such as real estate, insurance and investment services.

That's a significant chunk of change. Total NII in 3Q 2006 was $1.4 billion among the 8,696 U.S. credit unions reporting then; the 5,967 reporting in 3Q 2016 took in twice that: $2.8 billion.

See how Callahan data shows a growing reliance on NII in keeping credit unions surviving and thriving in "Non-Interest Income: A Decade-Long Look At Ensuring Sustainability."

30

Whether fintech caters to consumers or enterprises, collaborates with traditional financial service institutions, or competes with them, we should all be cognizant of their growing prominence in the financial sector.

In a keynote address titled "Why You Need to Know about Fintech," Al Dominick, CEO of DirectorCorps, an information resource to the financial community, identified 30 areas emerging as new norms in banking. These include mobile payments, blockchain, robo-advisory, peer-to-peer lending, and more. 

Learn more about these emerging areas in "Why You Need To Know About Fintech."

21.9%

The most recent of several consumer studies published by PYMNTS/InfoScout on mobile wallet adoption included 7,655 consumers who had the ability to use a mobile wallet (either Apple Pay, Android Pay, or Samsung Pay) found that more than 40% of each user group reported being satisfied with how they were paying already.

At the time of the poll in March 2017, 21.9% of respondents had tried Apple Pay — making it the most popular service in the study. Samsung Pay (14.6%), Walmart Pay (14.5%), and Android Pay (9.7%) round out the top four.

Learn more about the results of this study in "Did Mobile Wallets Kill The Credit Card? Um, No."

Happy Reading!

 
 

March 27, 2017


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