Why is it so hard for credit unions to compete digitally?

Mobile banking is on the rise as consumers increasingly rely on their smartphones to get things done. In fact, statistics from JP Morgan show that the company’s mobile user base grew by 17 percent year-over-year in the third quarter of 2016, with more than 75 percent of the firm’s new accounts opened in digital channels during the quarter.

Bank of America research indicates that 54 percent of U.S. adult consumers who own a smartphone use a mobile banking app, with 35 percent of mobile bankers accessing the app at least once a day, and 84 percent at least once a week. And Javelin research estimates that 81 percent of U.S. adults will be mobile bankers by 2020.

While most credit unions recognize the pivotal role mobile platforms will play in their future growth and success, designing and deploying the right solution can be a complex undertaking.

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