January 23, 2018 About | Contact | CUNA News [ Log in ]

Article Tools

CUNA Research Reports

CU Snapshot

 Nov '17Oct '17
# of CUs5,8065,815
Members
(millions)
113.4113.4
Total Assets
($ billions)
$1,396.3$1,389.5
Total Savings
($ billions)
$1,173.4$1,168.6
Net Cap.
Assets
10.7%10.7%
Loans to Savings83.1%82.8%
Loan Delinq.0.8%0.8%

         Credit Union Indicators

Mobile Payments Bring Value

CUs offer mobile to attract and retain members, and stay competitive.

A majority of small financial institutions offer mobile payment services or plan to do so within the next two years, according to a Boston Federal Reserve report.

The report—"Mobile Banking and Mobile Payment Practices of U.S. Financial Institutions"—finds that 43% of responding financial institutions don't plan to offer mobile payment services. But roughly 10% already offer them, while another 47% say they plan to within two years.

The survey defines "mobile payment" as a payment made via a device at a physical terminal or point of sale.

Credit unions know the value of mobile payments. They offer the service to attract new members (37%), stay competitive (22%), and retain members (21%), according to the report.

Becoming a leader of technology and increasing revenue are not as important for credit unions surveyed. Only 3% cite that as a reason to offer mobile payments.

The report surveyed 192 credit unions and 433 banks in 2014. Conducted by the Boston Federal Reserve, it captures a point-in-time snapshot of financial institutions' mobile services and plans in the Atlanta, Boston, Dallas, Minneapolis, and Richmond Federal Reserve districts.

(Via news.cuna.org)