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Mobile Banking Isn’t Only For the Young

Smartphones, tablet adoption among non-millennials present opportunity for credit unions.

By Kim Cromer | Updated on May 02, 2014
There’s no doubt the under-34 crowd is leading the charge toward mobile banking. Yet older consumers are increasingly turning to their smartphones and tablets to meet their banking needs, representing a big opportunity for credit unions.

While older consumers still account for a smaller chunk of the market — approximately 27% of those who perform mobile banking transactions, according to a 2012 online survey of nearly 3,000 individuals conducted by the Consumer Research Section of the Federal Reserve Board — the percentage of older individuals swapping branch activities for mobile banking is only getting bigger, multiple studies reveal.

In the Federal Reserve’s 2011 “Consumers and Mobile Financial Services 2013” report, for example, those ages 18 to 29 accounted for 44% of mobile banking users, while those ages 45 to 59 accounted for 15% of users, and those 60 and over accounted for only 6%. But in 2012, the 45- to 59-year-old segment had increased to 19% of all mobile banking users. The number of individuals 60 and older who conducted mobile banking transactions had also grown to 8% by 2012.

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