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The Mobile Banking Landscape: How Does Your Credit Union Stack Up?

Consumer lifestyles demand credit unions that can keep up with the technological pace.

By Richard Gallagher | Updated on November 10, 2017

It is moving at lightning speed, driven by consumer demand. Oftentimes financial institutions are slower to adapt, using cloaked terms like “safety” or “security” as a reason for concern. They are nothing more than excuses, really. The recent Equifax breach has shown us that if anything, security must always be paramount. Assuming you are diligent in this regard, there is no reason to be slow concerning mobile banking. It will not work.

Consumers demand banking experiences that can keep pace with their lifestyles. That’s why there are so many different payment gateways. Consider the following list of giants. Entities like Apple Pay, Google Wallet, Facebook Messenger, PayPal and Venmo all exist to enhance peer-to-peer payment processing. They try to make the payment experience easy and seamless. The fewer steps required for a consumer to perform in order to send money, the better. The less that is required of them to interface with the application, the better. It has become the new marketplace standard.

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