Think digital banking is only for Gen Y and younger? Think again, think older. Much older.
Mobile banking now is used by 33% of mobile consumers, per Javelin, a jump from the 24% who used it in 2011.
A new report from the Center for Financial Services Innovation suggests that products and services marketed to unbanked and underbanked consumers could represent a huge and growing market for the nation’s credit unions.
Bethpage Federal Credit Union, New York’s largest, said 21 of its 25 branches were back in business Thursday.
By leveraging the key drivers of consumer adoption, credit unions can realize a faster rate of adoption that will establish mobile banking as the norm.
A new partnership between the World Council of Credit Unions and Boom Financial, a Palo Alto, Calif.-based company that provides mobile banking and money transfer services to immigrant and unbanked families, could pump new life into credit unions in developing countries.
Credit Union Centers using CO-OP Shared Branching to offer service.
The 14,000 members of the $108 million Advantage One Credit Union in the downriver Detroit community of Brownstown, Mich., will be offered mobile banking services through Card Services for Credit Unions.
The 89,400 members of the $6.1 billion Star One Credit Union in Sunnyvale, Calif., are now being offered mobile banking services through technology from Tyfone of Portland, Ore.
The $544 million, 24,800-member University of Hawaii Federal Credit Union has a new website and online banking and mobile banking services.