What’s on Your Technology Horizon?

NACHA’s mobile banking survey offers insights into consumer mobile adoption patterns.   

 

 

NACHA recently released a study showing a significant increase in consumer’s use of  Internet-enabled phones for online banking and bill pay. According to the study, sponsored by NACHA along with FIS and eCom Advisors, 27% of consumers with Internet-enabled phones used the device to access their financial institution’s online banking website, this is compared to 22% in 2009. Bill pay usage almost doubled, rising from 11% in 2008 to 20% in 2009. Consumers with touchscreen phones had higher mobile banking adoption rates(65%) than consumers with non-touch screen smartphones (27%). 

The study addresses two points that are particularly relevant for credit unions. One, mobile adoption will continue to increase as smartphone adoption continues to climb. Credit unions will need to address member expectations by providing a mobile banking tool sooner rather than later. Two, mobile bill pay is important to consumers. Although many credit unions are exploring mobile by providing basic balance information, consumer expectations for account transfers and payment scheduling are likely to rise.

Anecdotally, we’re seeing an increase in the number of credit unions announcing iPhone apps. To more accurately measure this trend, Callahan’s 2010 Technology Survey includes a new category to investigate credit union plans for downloadable apps (iPhone and android-based) through 2011. 

 
 

May 27, 2010


Comments

 
 
 
  • Good to know how high it is with smart phone users. That makes quite a difference.
    Anonymous