Study: 60% of smartphone users consider dropping bank that doesn’t offer mobile

by. Gina Ragusa

No longer is mobile banking a fun parlor trick offered by the big banks, in fact AlixPartners said that approximately 60% smartphone users would consider leaving their financial institution if mobile services were not offered. This figure is up from 7% since 2010, clearly demonstrating that mobile is in high demand.

According to Mark Bartholomew, chief information officer at Georgia United Credit Union (Duluth, GA) member thirst for mobile has grown substantially after the credit union introduced the technology to members in 2009.

“We currently have 58,000 online banking users and 28,000 mobile banking users at Georgia United,” Bartholomew states. “However, the mobile banking channel is the fastest growing delivery channel that we have right now as mobile is outpacing online banking by two to one.”

Backing up that statement is a study conducted by global banking consulting company, IDC Financial Insights. In the company’s 2014 Consumer Channel Preference Survey of global banking and credit union customers, IDC Financial predicted that mobile banking will overtake online banking by 2015. However, the company says that as mobile continues to evolve, a more solid direction will be revealed.

continue reading »