The Federal Reserve Bank of Boston conducted studies earlier this year that produced shocking results. After polling 565 financial institutions, it was revealed that 20% do not offer mobile banking. 14% of respondents also noted that they have no intention of offering mobile banking any time soon. In a world that’s so focused on mobile, it may come as a surprise that some banks and credit unions are so uninterested in offering mobile banking solutions. Here are 3 reason why digital banking is worth the investment.
Return on Investment
In-branch visits to financial institutions are down and the use of mobile banking is up. Not only do members benefit from the convenience of mobile banking, but credit unions have some coins to gain as well. Mobile banking cuts down on expenses such as staffing, ATM transactions, and other operational costs. According to a study by Deloitte, mobile transactions are expected to cost 50 times less than in-branch transactions and 10 times less than ATM transactions. Mobile banking also promotes member engagement, which helps to generate revenue and reduce attrition, thus increasing ROI.
continue reading »