This has been an exciting year for credit unions and their members. The credit union mobile app and mobile payment technologies are now essential to these financial institutions, and are fast-tracking them to provide even more value to their members. Namely; remote check deposit, mobile payments & wallets, and smart cards are in the works for widespread usage in the next couple years. The 2013 CUNA Technology Spending Report put numbers to this trend:
- Average IT budget for CUs is $641,797
- 1/5th of CU IT budgets go to mobile & online banking, or $125,00 on average
- This statistic holds true even for CUs with 50 million or more in assets
- Mobile & online banking is the highest budgeted IT expense, second only to core processing
- 60% of CUs are outpacing 2012 IT budgets, and 17% are predicting double digit increases
- 60% of CUs intend to offer RDC, mobile payments & wallets, and smart cards by 2015
Welcome to the new future of mobility: The mobile app for the credit union is here to stay.