Credit union members use mobile differently than bank customers

by. Brian Day

According to new research, credit union members and bank customers tend to utilize mobile banking in distinctly different ways.

The study examined more than 2 million log-ins from 158,000 mobile banking users at 144 credit unions and banks. It found a number of differences between credit union members’ and bank customers’ mobile banking habits.

Specifically, the report concludes that credit unions are signing up mobile banking users at a slightly higher rate than banks. Credit unions also experience 9- to 10-percent monthly growth rates in the first six months after mobile banking is introduced, while banks typically see a 7 percent jump.

The data also indicates that, although credit union members and bank customers average the same number of money transfers per month, bank customers transfer higher amounts of cash. Bank customers averaged $456 in cash transfers, compared to $326 for credit union members. Additionally, bank customers generally logged in to mobile banking more frequently than credit union members. However, credit union members had longer session times.

Interestingly, although both bank and credit union account holders have access to the same mobile banking features and functions, they tend to use them differently. Five percent of bank customers make deposits via mobile, compared to nine percent of credit union members. Conversely, 31 percent of bank customers review their transaction histories, compared to 18 percent of credit union members.

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