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Mobile banking and payments are becoming a mature component of the banking landscape, with surveys showing nearly 50% of smartphone owners having engaged in mobile banking in the past 12 months.
Once used primarily for balance inquiries, mobile banking now encompasses an ever-growing variety of financial transactions. Members now have the ability to make direct person-to-person payments and conveniently accessing all their accounts in a single portal, including accounts at different participating credit unions.
This expanded use and functionality of mobile devices for banking presents credit unions with challenges to keep up with consumer demands, particularly for greater individual control of mobile services. It also presents them with opportunities to enhance their net income, through reduced fraud and increased transaction volume.
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