As new developments in mobile technology continue to penetrate users’ lives, financial institutions have a strong advantage over non-bank services like Apple, Mint, Square and PayPal in the battle for mobile users.
Smartphones, tablet adoption among non-millennials present opportunity for credit unions.
Advancing mobile technology has made apps more affordable for smaller institutions.
To be, or not to be mobile, that is the question. Either way, you’ve got a problem.
Recent reports allege substantial security flaws, especially in credit union apps. Developers disagree with the reports and say their apps are safe.
A report from Austin, Texas based Malauzai Software – based on data derived from users of its mobile banking apps – indicates clear differences.
The year 2012 produced highs and lows. From Team USA winning 104 medals in the 2012 Summer Olympics, of which 46 were gold – more than any non-boycotted Olympics since 1904 – to the mega-disaster of super storm Sandy and the huge swath of destruction it caused in the northeastern U.S....
Odysseas Papadimitriou, CEO of the credit card comparison website CardHub.com and a personal finance consultant. predicted that large credit card issuers will likely make more credit available in 2013 and that consumers will not rush to sign on to any of the latest mobile wallet technologies.
Opportunity to build enduring relationships by leveraging the mobile channel is within reach. But credit unions must act now, before their members direct their payments elsewhere.
With approximately 70 million possible tablet users by year end and 4.6 billion smartphones being used worldwide, it’s safe to say credit union members are mobile.