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CU System
CUs can tap into social media mobile access
MADISON, Wis. (5/1/12)--Two recent reports by Corporate Insight and Infosys indicate the importance of social media and mobile banking, respectively, to financial services companies, including credit unions.  

: Posting photos from company-sponsored events;

5. Corporate Mascots: Using pin boards to highlight a mascot's proprietary imagery;  

6. Contests: Holding contest to monitor public sentiment; and  

7. Charitable Giving: Chronicling  philanthropy to accentuate a company's charitable initiatives.

Concerning mobile banking, an Infosys study released Thursday found 94% of survey respondents said conducting financial services operations on their mobile phone is easy (PRNewsWire April 26). 

Also, 77% think conducting financial transactions of mobile phone is more convenient than traditional forms of banking However, only 42% surveyed said mobile banking is reliable.

Other findings of the Infosys survey indicate:

  • Nearly half (45%) of consumers who do not use online banking believe that mobile banking is "experimental" or "dangerous," and more than a third (38%) say it is "scary."
  • While 60% of consumers who do not use mobile banking cite a lack of confidence in the protection of their personal or financial data as a top concern, nearly the same percentage  (55%) share private information when updating their Facebook status on smart phones.
  • Nearly 80% of all consumers like the mobile banking benefit of 24-hour access to their account, 48% are happy with the speed of service, and 46% are satisfied with ease of log in.
  • Reviewing data and balancing checking accounts are the most useful features of mobile banking (both cited by 71% of consumers), followed closely by having account accuracy with the same information from Web to mobile device (69%).
  • About 42% of consumers cite the ability to communicate with customer service as a useful benefit of mobile banking.
To read the reports, use the links.
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