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Mobility Matters: At The Mobile Banking Tipping Point

Wednesday, July 31, 2013 - 7:20 PM
From Credit Union Times:
In Sweden, already mobile banking is at a tipping point with several financial institutions reporting that, out of nowhere, usage has surged beyond the online channel.

Ditto for New Zealand where mobile access now outstrips online.

Word in the United Kingdom also is that mobile banking has reached a tipping point.

What about in the United States? The nation’s biggest credit union, $54 billion Navy Federal in Vienna, Va., is moving fast to make sure it is ready to stay on top of a rising mobile wave. In an interview, assistant vice president for eChannels Meghan Gound said, “We will double our mobile downloads in just one year. Mobile now has over half the traffic of online. It is growing by leaps and bounds.”

“Mobile is so convenient for our members,” said Gound, adding, “Yes, it’s possible that mobile will grow to be bigger than our online channel.”

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