Members who use mobile banking bring in 36% more revenue than branch-only members and are less than half as likely to leave their credit unions, according to a study by Fiserv.
The survey of eight credit unions and nine banks conducted over a 12-month period in 2014 and 2015 found that within three months of adopting mobile banking, the average number of monthly POS transactions for credit union members rose by 19%, their ATM transactions jumped 25% and their bill pay transactions leapt 13%. Mobile banking consumers also bought more from their credit unions, holding 2.3 products versus 1.3 for branch-only consumers, the study said.
"Increased mobile adoption and usage will net a larger ROI for financial institutions that proactively work to build a robust mobile channel – one that serves the needs of the highly valuable mobile banking consumer," the report said.
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