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CU System
10 Million Data Points Show Members' Mobile Log-inTrends
PLANO, Texas (9/13/13)--By knowing more about how members are using mobile banking, credit unions can not only help improve the member experience, but also possibly leverage the time that members spend using smartphones into profitable business, according to Robb Gaynor, chief product officer at Austin, Texas-based Malauzai Software.
 
Rather than predict where mobile banking is heading, Gaynor uses data gleaned from more than 170,000 registered users from 115 credit unions and community banks to determine where mobile banking is right now--minute by minute.
 
Gaynor provided a "State of Mobile Banking" presentation to some 80 credit union executives and board members during the Cornerstone Credit Union League's Leadership Conference held last week in San Antonio.
 
"Ten million log-ins later, we have a lot of data about what your members are doing with mobile," Gaynor said.
 
Among the findings:
  • Members log in about three times a week and generally spend about 90 seconds online per visit.
  • Once logged in, members check their balance and transaction history 70% of the time.
  • Seventeen percent of the time, they deposit checks remotely.
  • Ten percent of the time, they follow links to additional marketing information.
"Credit unions need to make sure their members, once logged in, have been given something to consider," Gaynor said. Members may check their balances initially, but while they are out and about, they could be encouraged to stop in at a local car dealer if the credit union markets an encouraging offer. And with smartphones in hand, members can even locate car dealerships that are nearby, he said.
 
While credit unions can use mobile banking opportunities to cross sell their own services or generate advertising revenues, members can use mobile banking to protect themselves from financial loss. Gaynor told the Leadership Conference audience that another popular feature with mobile users is the ability to turn off and turn on debit cards. By keeping the card inactive, except when it is needed, members can take an active role in helping to stop fraud, he said.
 
Catalyst Corporate FCU has partnered with Malauzai to develop quick-to-market mobile banking solutions for credit unions. Malauzai builds customized apps to help members connect to their credit union via smartphones and other mobile devices.
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