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.
Rather than recouping its investment in mobile banking, Kelley Ferguson, chief information officer for Numerica, said the biggest issue has been with the users' phones.
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