Smartphone Apps, Mobile Trends and Credit Unions
- The average number of apps per smartphone has increased from 32 to 41.
- Time spent on apps vs. the Web has jumped from 73% to 81%.
- The number of Android and iOS users has taken a huge leap, from 38 million to 84 million.
How do these findings affect the credit union industry? Some CU-specific research provides more insight into the increase in smartphone app and mobile use and the implications this has for credit unions.
- Overall, 15.5% of credit unions report that they have developed a smartphone app.
- About 21.3% of credit unions that use social media use smartphone apps.
- App use has increased throughout the year, with 13.9% of all credit unions developing apps.
And from CUNA’s 2012-2013 Credit Union Environmental Scan (E-Scan) Report:
- More consumers will use mobile devices to obtain loans, particularly younger members. The average age of a credit union member is 47, but the average age of users of CUNA Mutual’s Smartphone Loan technology is 29. In addition, completion rates for CUNA Mutual’s mobile loan application are more than 50%, compared to 40% to 50% for all Internet loan applications.
- In a survey of 450 credit union CEOs and senior executives, 48% listed mobile banking as one of their top tech projects for 2012. In addition, 39% prioritized mobile payments.
- While mobile payment transactions already total $240 billion annually, the market is expected to double or triple in the next five years, according to Juniper Research. By 2013, one in five cellphones worldwide will use near field communication (NFC) technology; by 2014, Google estimates that 50% of cellphones will use NFC technology.
It’s clear that mobile technology is booming, and an increasing number of credit unions are diving into the world of smartphone applications, mobile lending and mobile payments. Is your credit union developing new mobile technology or experiencing success with mobile tools? Let us know in the comments!