Metrics on mobile adoption
What they mean for credit unions
by: Mark Sievewright
It’s shaping up to be a memorable year for mobile technology in the credit union industry. We’ve witnessed a more powerful consensus emerge on the need for innovative and scalable mobile technology, which can deliver an enhanced member experience in tandem with growth.
That’s good news when you consider that many studies, including our soon-to-be released 2014 Fiserv Consumer Trends survey, show that interest in and demand for mobile banking and payments is growing across the board.
Fiserv conducts its consumer trends study annually. The 2014 results are representative of 106 million U.S. households that use the Internet. Let’s examine what the new metrics tell us about the demand for mobile banking, and what credit unions might do about it.
- The number of mobile banking users continues to increase in tandem with smartphone ownership. In 2014, 68 percent of households owned a smartphone, a 7 percent increase from 2013. Of these households, 48 percent–approximately 35 million households–reported using mobile banking in the past month. For credit unions, this means member demand for high-quality mobile banking is greater than ever before and now is the time to deliver an exceptional mobile experience.
