Mobile Bill Pay Simplicity for Competing With Big Banks
Mobile has been an important strategic investment for credit unions for some time now, so it is no surprise that many credit unions have launched a host of sophisticated apps to drive member engagement. Today’s mobile banking apps now feature a wealth of capabilities including funds transfer, remote deposit capture, personal financial management, debit card on/off functionalities and bill pay.
For the past few years, mobile RDC was generally considered one of the largest drivers in moving members to the mobile channel, but the popularity of mobile bill pay has begun to eclipse it in importance. In fact, the number of U.S. online households using mobile bill pay doubled from 8 million in 2012 to 16 million in 2013, and this level of adoption is only expected to continue to grow. AlixPartners reports that by 2018, 24% of all bill payments will be made on mobile devices.