Credit Union Mobile Banking Projected to Rise

Mobile banking adoption by credit unions continues to trend upward, with the majority of credit unions surveyed in Callahan’s 2008 Technology Guide planning to invest in mobile banking technology over the next two years. Overall, about one-tenth of responding credit unions reported that they currently offered some type of mobile banking. However, about one-third of respondents did not currently offer mobile banking and anticipate no investments in mobile technology in 2008/2009.

Out of the Gate: No Clear Cut Technology WinnerCredit unions are split between adoption of WAP/browser-based mobile banking programs and SMS/Text messaging programs. While fewer credit unions mentioned plans for downloaded software, adoption of this technology may increase as more carriers implement pre-loaded software on their mobile phone options.
Some of the front-end issues that credit unions need to consider when selecting a technology include:

- Level of security: fraud and multi-factor authentication
- Compatibility with other systems such as online banking
- Desired transaction capabilities
- Member interest and need for information vs. transaction capabilities
- Local carrier considerations: compatibility with dominant local carriers
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