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CU Snapshot

 Apr '18Mar '18
# of CUs5,7245,727
Total Assets
($ billions)
Total Savings
($ billions)
Net Cap.
Loans to Savings82.9%81.5%
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)