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Opportunity abounds for CUs in newest payments channels
REDWOOD CITY, Calif. (4/7/14)--Mobile banking has gained traction with consumers, and there is plenty of opportunity for credit unions to capture significant market share, according to research from Redwood City, Calif.-based data analyst Rocket Fuel.
 
In a study of 750 financial services consumers 18 and older who own at least one credit card and who have at least expressed an interest in mobile banking, just over half (59%) of consumers have used a mobile app for online banking or financial services, with the majority doing so to check an account balance or pay bills.
 
Despite the hype of person-to-person (P2P) payments, the adoption of money transfer (15%) and virtual wallet services (7%) remain low.
 
Other findings from the report:
  • About 35% of adults will be in the market for a new credit card within the next six months. Consumers who make $150,000 or more are 50% more likely to switch credit cards than people who make $50,000 per year.
  • Just under half of consumers (46%) who have had their current primary credit card for three years or less report first hearing about their current primary credit card online, compared with 34% who heard about the card offline.
  • Consumers convert on weekends, late at night. Consumers are significantly more likely to convert on financial services campaigns on Saturdays and Sundays, and are most likely to convert late at night, with conversion rates peaking between midnight and 6 a.m.
  • "Learn more" is an effective call-to-action. Among calls to action for credit card and financial services ads, "Learn more" drives the highest conversion rates by a considerable margin, as does content mentioning a special or limited-time offer, regardless of the benefit.
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