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News Now

CU System
Missourians embrace mobile banking technology
ST. LOUIS (9/20/12)--In Missouri, it is just a matter of time before mobile banking becomes the primary method for conducting financial transactions, according to an online consumer survey conducted by the Missouri Credit Union Association (MCUA).

Nearly 40% of Missourians surveyed said they currently use mobile banking. Across all ages, the top reasons for using mobile banking included confirming payments, balancing checking accounts and transferring money.

Those who don't have mobile banking were primarily age 45 and older. They were asked why they don't use the service. The three most popular answers:

  • I don't have a Smartphone;
  • I have no need for it; and
  • I have security concerns.
MCUA noted that the primary reason for not using mobile banking was a lack of technical capabilities, not a negative perception of the service.

Also more than 50% of non-users said they were "extremely likely" or "somewhat likely" to use mobile banking in the future.

Vantage CU, based in Bridgeton, offers an inclusive mobile banking product, called tweetMyMoney, which works on all cellular devices that have text messaging capabilities. The first of its kind in 2009, it is operated via Twitter.

"We have several hundred members enrolled in tweetMyMoney," said Eric Acree, Vantage executive vice president, who noted the service is free and ensures security. "No account number, nor other sensitive personal or account information, is displayed in tweetMyMoney. All the sensitive information is kept safe at Vantage behind the online banking firewall," Acree said.

More than 2,000 Missourians participated in the survey, which was conducted from June 15 to July 15, said MCUA.
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