MADISON, Wis. (1/3/12)--A new white paper from the CUNA Technology Council, "Maximizing Mobile Banking's Potential," provides guidance on how credit unions can get the most from implementing mobile banking.
Mobile banking usage is predicted to increase to 30% of U.S. households in 2015 from 11% in 2012, with the number of individual users exceeding 50 million, according to the white paper by Dale Davaz, director of eBusiness at Spokane Teachers CU.
The paper, based on data gathered as part of a recent survey of $1.5 billion asset Spokane Teachers CU, Liberty Lake, Wash., members about their mobile phone usage and mobile banking interests, discusses the different implementation options available, the features of most interest to users, and potential security concerns that should be considered by credit unions looking to offer mobile banking.
The survey began by asking respondents about the mobile phones they currently own, have owned and hope to own in the next 12 months. About 87% reported owning smartphones presently, with Google Android devices (40%) and Apple iPhones (27.8%) dominating that ownership.
Users at Spokane Teachers CU want to interact through apps downloaded and installed to use the features of their smartphones. Nearly two-thirds of survey respondents, 64.9%, expressed a preference for downloaded apps. Another 14.9% reported a preference for accessing the credit union's regular online banking site via their smartphone's larger touchscreen browser. About 7% said they'd be most likely to engage mobile banking through a mobile website formatted for small mobile browsers.