by. Robert McGarvey

Just five years ago, mobile banking seemed futuristic, the stuff of sci-fi; but today, it has emerged as a must have, and also potentially, as a way for small credit unions to compete with big banks.

A regional credit union can’t have hundreds of branches, but for smartphone carrying members, there is a branch in every pocket.  That is the game-changing magic of the technology.

Mobile banking continues to evolve. Here, experts pinpoint five ways mobile banking in 2014 is likely to be very different from what you had known.

The Biggest Channel

Doug Brown, a senior vice president at FIS, made a bold prediction that soon mobile will eclipse online in terms of users.

“Mobile users will exceed those of online users as mobile takes center stage as the primary interaction channel for banks and credit unions – making mobile the new battlefront for relevance to customers and driving a market share shift of customers based on mobile,” he said.

Brown flatly predicted: “In the next 12 months, mobile will overtake online in terms of number of users. It already has more transactions.”

 

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