Who’s Really Using Mobile Banking?

The Federal Reserve recently published their Consumers and Mobile Financial Services Report for 2015, and the results give us a glimpse into who is actually using mobile banking services. In case you thought it was just the kids, by the numbers, here’s why your credit union should think again…

• 87% of the U.S. adult population has a mobile phone
• 71% of mobile phones are smart phones (internet enabled)
• 39% of mobile phone owners with a bank account have used mobile banking in the past 12 months (up from 33%)

If they’re using mobile banking, here’s a breakdown of which services they’ve used in the past 12 months:

• 94% check account balances and/or recent transactions
• 61% transfer money between accounts
• 57% receive text, email or push notifications
• 51% have deposited a check using their mobile phone (up from 38%)

It’s often said that, “it’s not always about where you are, but where you’re going.” While these numbers are certainly telling, what’s more is that they’re rising – and quickly.

When we consider mobile banking, we often gauge its infusion by the amount of younger members that are gradually streaming in the doors of our credit union. What we don’t always take into account, and what this report in particular highlights, it how our adult members are adopting mobile banking as well.

The candle is burning at both ends – don’t get caught in the middle without a solution for your members! You can view more of the findings and the report from the Federal Reserve here. If your credit union is ready to dive into mobile banking, or if your current approach just needs a little developmental fine tuning, contact CU Solutions Group here!