Boston, November 14, 2012 – A new report from Aite Group examines what credit unions are doing to respond to—and drive—consumer demand for online and mobile financial services capabilities. Based on a Q3 2012 Aite Group survey of 481 U.S.-based credit union executives, the report evaluates credit unions’ online- and mobile-channel strategies, objectives, investment levels, and sourcing plans.
Today, most credit unions have deployed basic online banking capabilities and mobile banking has gone mainstream. Online banking adoption currently averages 38% across credit unions and is expected to grow to 48% in 2013. On average, 16% of credit union members actively use online bill pay, and credit unions anticipate that number increasing to 24% in 2013. 2010 Aite Group research on credit unions’ online- and mobile-channel strategies found that many lacked a coherent online-channel strategy and focused mainly on improving the member experience. Today, credit unions continue to invest.
“While credit unions have improved their online- and mobile-banking offerings and plan to invest more in these channels, many lack a sound investment strategy,” says Ron Shevlin, senior analyst with Aite Group and author of this report. “Moreover, nearly half of survey respondents admit that they haven’t quantified the impact of their online and mobile channels on business objectives.”
This 19-page Impact Note contains 11 figures and seven tables. Clients of Aite Group’s Retail Banking service can download the report by clicking on the icon to the right.