Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Fiserv Paper Discusses ROI of Mobile Banking
BROOKFIELD, Wis. (6/11/13)--Mobile banking users were found to have deeper, more cost-efficient relationships with their financial institutions than users who had yet to use the mobile channel, according to a new white paper from Fiserv.

The paper, "Next Generation Mobile Banking: Transactions Increase Potential ROI," shows how credit unions and banks can step up their efforts to achieve sustained return on investment from mobile banking.

Among the value that mobile banking users offer financial institutions:

  •  Member retention--Mobile banking members have deeper relationships with their financial institutions and have been proven to be among the least likely to leave the credit union or bank. This increased member/customer stickiness can result in measurable recurring revenue for financial institutions.
  • Reduced channel costs--Mobile banking enables the migration of members/customers from high-cost offline channels, such as the call center and branch, to the lower-cost, higher-convenience mobile channel. To project savings, financial institutions must first know the average transaction costs of each banking channel and determine how the expense will be offset by diversion to the mobile channel.
  • Transaction generation--Mobile banking use encourages value-generating activities such as debit card usage. In a TowerGroup/SunTrust study, mobile banking users demonstrated the propensity to make more debit card transactions per month, likely because they were better able to validate their account balances from mobile devices when making purchases at the point of sale.


RSS





print
News Now LiveWire
Registration lottery for #CreditUnion #CherryBlossom Ten Mile Run opens Monday, Dec. 1 http://t.co/AGkKPof5Fy. Race is April 12
1 Day ago
The turkey hasn't even been served and #creditunions are already making plans for #GivingTuesday
1 Day ago
.@bankofamerica's $16.65 billion 'toxic mortgage' settlement finalized http://t.co/BIq1QyImXG
1 hours ago
RT @CUNA: #NussleReport: ICYMI: Revised RBC proposal in January w/a 90-day comment period #Fix RBC http://t.co/T4JcvWBDse
3 hours ago
.@TheNCUA release on Nov. prohibition orders out already. Here: http://t.co/YkA1QIYbYa
3 hours ago