Credit Unions Cash in on Mobile and Online Services

Source: eMarketer, OCT 29, 2012

Most credit union customers were pleased with their banks’ mobile and online technology

Those under the impression that credit unions have been slow to adapt to the digital world may want to reconsider. A February 2012 survey of online banking customers in the US conducted by Chadwick Martin Bailey found that 60% of US credit union members thought their bank was doing a great job at providing innovative technology. That compared with 49% of large national bank customers who felt the same way, and 36% of regional bank users.

Credit unions seem to have divined a formula for keeping customers happy by providing access to mobile and online banking services. While two-thirds of all banking customers reported that they were pleased with the way their financial institutions linked them with online and mobile services, credit union members outpaced that result, with 85% giving the thumbs up to their ability to access bank services via the web.

This data bodes well for credit unions, since the adoption of smartphone and tablets means that demand for mobile banking services will only increase.

Part of the reason that credit union customers are so satisfied with their banks is that they have a distinct preference for online banking services. Half of credit union customers said banking convenience meant being able to take advantage of good online services, compared with 46% of large national bank customers and 34% of regional bank customers. Also, having a bank branch located close to their home or workplace was not as important to credit union customers as it was to both regional and large national bank customers.

Credit union customers were also showing their tech savvy in other ways—they were the category of banking customer most likely to take advantage of online banking, at 73%. Large national bank members were close behind at 70%, followed by regional bank users at 50%.

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