>Mobile Banking Ready to Takeoff, Gen Y On Board?
Of course, to really make mobile banking (or “credit unioning”) takeoff is to make it more than just a way to check your balance. The key, according to the CU360 article, is to make payment transactions part of the package. Adding this functionality makes it incredibly convenient for the user to buy something or pay any bill on the fly with a few taps on their keypad… just as people use their desktop to pay their utility bill or purchase that toaster oven/MP3 player combo they’ve always wanted.
This is an important point, especially for us Gen Y folks. According to Forrester Research, we Gen Y’ers are mobile phone junkies AND have no qualms with using new technologies (see the chart directly above and below for Forrester’s findings to back this up.)
It’s not a huge leap of faith to see that if the right features are added to mobile banking, we’ll be the ones to jump on the bandwagon first and use these features the most.
Case in point… During the 2007 YES Summit we heard about a successful mobile banking initiative from Paul Sidhu, Manager of Electronic Commerce over at The Golden 1 Credit Union located in sunny California.
The Golden 1 has two services billed under the online banking moniker… a text messaging service and a wireless web service. And members who use online banking are able to use their cell to access accounts, transfer funds, and pay bills (all with a password and username, of course.)
Paul explained that almost half of all members using the text messaging service and almost a third of all members using the wireless web service are under the age of 30. Paul was also kind enough to share that 6% of all The Golden 1′s members are using one of these mobile banking programs.
So, can mobile banking work for credit unions? Yes. Is mobile banking relevant for your members under 30 as well as other members? Yes, and even more so as technology develops. Will members use it? Yes, especially Gen Y.
If that’s the case, then why aren’t more credit unions pursuing and/or offering mobile banking?