GOBankingRates finds 49 of 50 largest credit unions offer everything users want in mobile banking
LOS ANGELES, CA (April 2, 2014) — According to new findings from personal finance site GOBankingRates.com, a majority of the largest U.S. credit unions offer the same mobile features as their banking counterparts. Credit unions have often been compared unfavorably to big banks when it comes to keeping up with mobile banking technology, the second most important banking feature among consumers looking for a new financial institution1.
Jennifer Calonia, senior editor of GOBankingRates states, “Big banks need to watch out. Customers who were once hesitant about credit unions are now realizing the technological advances these institutions provide at a huge value. It’s the intimate customer service experience their parents praised, fused with the innovations younger generations crave — a one-two punch.”
“Members expect to connect with their financial institution anytime and anywhere. They want to be able to access their money when it’s convenient to them and through the channels that are most convenient to them,” Sonya McDonald, vice president of planning and market development at RBFCU, one of the largest credit unions in the country, told GOBankingRates.
GOBankingRates surveyed 1,500 people to get their opinion about the following question: “What mobile banking feature do you use most often?”
Responses were as follows:
- Balance inquiries: 36%
- ATM/branch locator: 19%
- Money transfers: 14%
- Account activity alerts: 10%
- Remote check deposit: 10%
- I don’t use mobile banking: 10%
The side-by-side comparison revealed that 42 of the top 50 credit unions provide all five mobile banking features. Additionally, 49 of 50 institutions offer at least the top three most-used mobile services.
To see a breakdown of which mobile features are offered at the 50 largest credit unions, go to http://bit.ly/1mtnJFv.
1 GOBankingRates, “45 Percent of Bank Customers Care More About Fees Than Rates, Convenience and Service,” (Feb. 2014).
GOBankingRates referenced Bauer Financial’s list of the top U.S. credit unions by asset size, investigating each institution to see if it offers the five most popular mobile banking features.
GOBankingRates is a personal finance website that connects consumers with the best credit unions, banks and interest rates nationwide. Its editors are regularly featured on U.S. News, Forbes, Huffington Post, and Business Insider.