No mobile banking features? You’re becoming a ‘dinosaur’

Data from a new survey by the Federal Reserve Bank of Boston suggests that credit unions that don’t offer mobile banking, blow off mobile payments and ignore the mobile needs of business customers could head the way of the dinosaur.

The report surveyed 706 financial institutions, including 186 credit unions, in the Atlanta, Boston, Cleveland, Dallas, Kansas City, Minneapolis, and Richmond Federal Reserve Districts. The FIs were in 34 states and the District of Columbia. The data was drawn primarily from banks and credit unions with less than $500 million in assets; 46% had less than $250 million in assets.

It’s everywhere

The survey found what many already see anecdotally: mobile banking is now mainstream. According to the data, 89% of banks and credit unions now offer mobile banking, and 97% will offer it by the end of this year.


continue reading »