Over the last decade, mobile banking technology has seen explosive growth and adoption. According to a 2016 survey published by the Federal Reserve Board of Governors, 85% of the U.S. adult population now had a mobile phone, 77% of those were smartphones, and 53% of smartphone users with a bank account had used mobile banking in the prior 12 months.
Those percentages have increased every year, which is a big reason your Credit Union offers the convenience of a free mobile banking app for iPhone® and Android™ users. If you haven’t discovered all the benefits of mobile banking, read on. More than half of smartphone users can’t be wrong.
What’s to love?
There are many benefits to having 24/7 account access in the palm of your hand. The most popular mobile banking activities reported in the Federal Reserve survey include:
- Checking account balances and recent transactions (94%)
- Transferring money between accounts (58%)
- Receiving an account activity alert (56%)
- Depositing a check using the camera in the phone(48%)
Convenience is the biggest reason given for mobile banking adoption. Users love that, no matter where they are, they can securely view their accounts and make financial decisions in real time – whether it’s transferring money, paying a bill, depositing a check, or even sending funds to friends.
But I want a real person
It’s understandable that many people still want to deal with a real live person when making financial decisions. That’s why your Credit Union offers a Mobile Banking1 app in addition to traditional branch locations, a call center, and a robust ATM network – so you can access us the way you prefer. Just keep in mind that, typically, the fastest way to complete most basic account transactions is through the Mobile Banking app. It’s secure. It’s easy to navigate. And, when it counts the most, it’s pretty much immediate. Consider this scenario:
You’re standing in line at the grocery store with a cart full of groceries. A few quick taps of your finger opens the Mobile Banking app so you can check your account balance. Unfortunately, you see a deposit hasn’t yet cleared, and you don’t have enough in checking. You quickly transfer funds from your savings to avoid embarrassment at the register – all in less than a minute. Had you tried to do that over the phone, it would have taken several minutes, and the milk might have gone bad by the time you re-entered the line to check out and pay.
In other words, even if you’re perfectly happy with the way you bank now, the Mobile Banking app is an additional option for securely accessing your accounts – particularly in a pinch. Plus: you may find you really enjoy having 24/7 access in the palm of your hand.