PLANO, Texas-More than 50% of credit unions that don't currently offer mobile banking plan to make it available to members within the next 12 months, according to a new white paper from Catalyst Corporate FCU.
The paper, titled "Is That a Credit Union In Your Hand? Credit Unions Respond to the Mobile Revolution," is based in part on a survey of credit union CEOs that revealed more than 40% of CUs that don't currently offer mobile plan to do so within the next six to 12 months, and 15% that currently don't offer mobile plan to offer it within the next three months. About one-third of CEOs said their CU already offers mobile banking.
The study also found that about 80% of CEOs at credit unions use smartphones, and about half of those CEOs already use those phones to conduct mobile banking.
Of credit unions currently offering mobile banking, the report found that balance inquiry, transaction history and transfers were ranked most important, whereas operational costs, member awareness and security were the primary concerns of those CUs that have not yet adopted a mobile strategy.
The paper also attempts to place CU mobile banking in context with mobile banking at other FIs, and addresses key components for mobile banking platforms, as well as potential future developments.
Catalyst launched its own mobile banking offering earlier this year.
Catalyst contacted more than 1,701 credit union CEOs and 368 participated in the survey, a 22% response rate. To view the free white paper, visit www.catalystcorp.org/rdsmobile.aspx