Do the Right Thing to Avoid Regrets

By Sarah Snell Cooke

At the time I received the job offer from Credit Union Times in 2000 I had also gotten an offer from a credit union marketing department. This popped in my head recently for some reason. I’d almost forgotten. I pondered how my life and career might be different if I had made a different choice. Either would have been great, but I made the right choice for me at the time.

Because I was considering different angles for my column, I was led to consider what credit unions could do to keep the what-might-have-beens at bay. Here’s my list of what you’re missing out on if…

…You’re not in mobile banking.

According to a recent study by the American Bankers Association, online banking was the most used banking outlet for customers, with 39% preferring it to other methods. Branch usage dropped to merely 18% of customers, down from 25% the prior year. ATMs were down slightly to 12%. Mobile banking was dead last at just 6% usage. The difference is mobile banking is growing, doubling from the prior year.

Even small and low-income credit unions can offer mobile banking by partnering with their trade associations or business partners. In fact, a higher proportion of the underbanked have mobile and smart phones than do consumers in general. It’s an easy way for credit unions to reach out and touch them–and their $1 trillion in annual income.

 

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