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CUNA Research Reports

CU Snapshot

 Jun '17May '17
# of CUs5,911 5,922
Members
(millions)
111.7111.2
Total Assets
($ billions)
$1,378.8$1,369.6
Total Savings
($ billions)
$1,172.6$1,156.8
Net Cap.
Assets
10.6%10.6%
Loans to Savings79.6%79.9%
Loan Delinq.0.7%0.7%

         Credit Union Indicators

Mobile Banking Insights

How are members interacting with your app?

About one-third of Americans use their mobile banking apps more than they did a year ago, according to a recent Chase Bank survey.

Millennials are the heaviest users, with 67% of young adults reporting they regularly rely on their smartphones to monitor their finances. And 45% of Hispanics use mobile banking.

A majority of respondents (54%) say they use their app at work. People also regularly conduct mobile banking during pauses in their day, such as standing in the checkout line at a store (38%), during their commute (28%), while waiting to pick up a child from school (24%), and even while on a date (17%).

Active mobile banking users average 17.5 visits to the app each month—mainly from their smartphones and, to a lesser degree, from tablet devices, according to Malauzai Software.

"Understand that 80% of the time an end-user logs in, they do nothing other than check balances and look at recent history," the study indicates.

Mobile check deposit and person-to-person payments (P2P) continue to gain momentum.

A typical financial institution has 25% more active mobile depositors than a year ago, according to Malauzai Software—perhaps in part because improved software now captures the check image on the first attempt 75% of the time.

P2P users now average 1.85 money transfers per month, with an average payment of $312.

It appears Apple has fueled a lot of this growth: Owners of its devices send money at 65% higher values than Android users.

Mobile banking usage peaks on Fridays, Malauzai Software reports, but Wednesday is the top day for viewing check and deposit images.

A version of this article first appeared in Credit Union Front Line Newsletter, the monthly sales and service newsletter for branch staff and their managers. Subscribe now to the print edition or PDF version.