A new white paper from The Members Group suggests that mobile banking is enabling credit union members to take over the notion of customer service.

“Self Service as Customer Service” argues that credit union members want mobile banking because it allows them to quickly and efficiently do things that they would previously need customer service representatives to do.

“Making time for chit-chat is not a priority for Generation Y, nor even Gen X and their parents, the Boomers,” the paper said. “We are a busy, mobile society, and we expect our financial institutions (FIs) to stay in stride. When they can't, we want access to our information on demand, regardless of our location or the time of day.”

The paper reported that the top five actions that mobile bankers take are checking balances, transferring money between accounts, paying bills, depositing checks and finding an ATM.

“Imagine a customer whose direct deposit hasn't yet arrived in his checking account,” the paper noted. “Yet, he needs to buy groceries at a debit-only retailer today. With plenty of money in his savings, he is able to transfer $200 into his checking account right from the grocer's parking lot.”

TMG is a subsidiary of the Iowa Credit Union League and based in Des Moines. The white paper was written by Brian Day, a product development architect at the CUSO.

Instant Insights /

Mobile Banking Changing Notion of Service, Paper Says

Related Stories

Recommended For You