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News Now

CU System
Study FIs not promoting mobile banking
BOSTON (4/16/12)--If credit unions want more of their members to use mobile banking, it might be as easy as asking them to do so. Financial institutions are not adequately promoting their mobile banking offerings, according to a new study.

The ath Power 2012 Mobile Banking Study found that only 10% of consumers using mobile banking were prompted by their financial institution to do so.

This indicates a clear lack of consumer education, yet an obvious opportunity for financial institutions to take initiative to promote their offerings, said Mike McEvoy, managing director of ath Power.

Also, remote deposit capture was the missing feature most sought by consumers, according to the study.

Other key findings:

  • Mobile bankers are more loyal. About one in eight mobile bankers say they'll change banks within two years compared to one in fiveamong the general customer base.
  • The quality of a mobile offering is a major factor in choice of financial institutions among the mass affluent and small business owner segments.
  • The mobile channel is set to play a big role in fraud prevention as mobile adoption improves and consumers become more familiar with alerts.
  • Customer support is lacking. Only one out of five users were offered any option to customize their user interface and 40% failed to find links for technical support.


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