Assessing Mobile Banking ROI
Around the country, credit unions have been jumping on the mobile app bandwagon for the past few years, but has the hoopla actually started to pay off in terms of more revenue?
The $1.2 billion Numerica Credit Union in Spokane, Wash., said it has used mobile banking since January 2011. Through a partnership with a third-party vendor, the credit union created an app that initially cost approximately $2,000. While a minimal monthly fee is paid going forward, there are no fees charged for the use of mobile banking, according Numerica.
“We see more and more credit unions adopt mobile deposit technology because it has proven to increase customer satisfaction, reduce attrition and can act as a great technology equalizer as credit unions compete with larger financial institutions for market share,” Schmidt said.
Carole Porter, senior vice president and chief retail banking operations officer at the $1.98 billion Municipal Credit Union, said she realized just how important mobile banking was going to be a few years ago. In early 2012, the New York-based credit union launched a mobile banking application for its members.