Mobile banking adoption continues to rise sharply among credit unions, according to a major vendor to the industry.
Fiserv Inc. said it now has more than 375 financial institutions committed to its Mobile Money solution, including nearly 200 credit unions and banks that have gone live on the service, more than twice as many as a year earlier.
End-user adoption, meanwhile, has grown more than 600% in the last six months, the Brookfield, Wis., company said.
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Growth is expected to continue, Fiserv said, noting that about three-fourths of the nearly 2,000 clients it polled at a company conference in April said they planned to increase their investment in the mobile channel in the next 12 months.
Fiserv said its Mobile Money service supports banking and payments for large banks, international markets, community banks and credit unions. The company said regardless of size, clients now tend to choose all three of the primary access modes: text messaging, mobile browser and downloadable applications.
"Within mobile financial services there is a significant focus on adding transactional capabilities," added Erich Litch, division president, Digital Channels. "Adding services like bill payment, e-bills, remote deposit capture and person-to-person payments is a near-term priority for most financial institutions, with point of sale payments on the horizon."
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