Report: Mobile Banking Should Be Priority For Banks, Credit Unions

The results of a new report conducted by Javelin Strategy and Research highlight the increased utility of mobile banking platforms in attracting younger customers and demographics. As more consumers rely on technology and convenience to conduct basic transactions, the study's authors urge banks and credit unions to adopt additional mobile programs to further grow their operations.

Currently, mobile banking has been incorporated into 21 percent of community banking programs and 15 percent of credit union programs. According to the study, roughly 50 percent of banking customers will be regularly using mobile platforms by 2016.

In addition to measuring mobile banking growth, the study also highlighted the key demographics that relied on this type of banking. The results show standard mobile users are both high-income and between 18 and 44. Understanding the demographics that rely on this new technology may help financial institutions and credit unions develop programs to target a new customer base.

A separate Bankrate.com article highlights that more credit unions are expanding mobile payment programs and applications to appeal to their younger customers. Many credit unions are creating mobile programs in addition to apps that are complete with GPS credit union locators and information about rates and services.