A total of 87 percent of adults in the United States own a mobile phone and 87 percent of smart phone users have accessed the internet through their mobile device during the last week. Taking into account these numbers, it only seems logical to bring mobile banking to a consumer market that is constantly on the go. Financial institutions have risen to the challenge by creating and providing innovative, portable ways that make banking easier for consumers. Over the last couple of years, banks and credit unions have increased marketing efforts to promote their latest mobile banking apps and perks.
In fact, according to a new report released by the Federal Reserve, mobile banking usage is keeping up with the increasing amount of mobile phone users. At the end of 2012, about 48 percent of smart phone users used mobile banking over a one-year period. That figure was up from 42 percent of the previous year.
Ease of access for consumers that are always on the run is a perfect feature for banks and credit unions. Mobile phones have essentially become portable banks. Consumers can pay bills, transfer funds and even deposit checks via their smart phone. Also, according to the same report, smart phone adoption is increasing as well. The Federal Reserve and financial institutions alike expect continued growth in the adoption of mobile banking features.
If you would like to inquire about our Mobile Money App for the latest in mobile banking features, contact our Valley Federal Credit Union main branch at 956.456.3108. Get with the trend and take advantage of convenient, on-the-go banking.