The Evolving Landscape of Mobile Technologies


Prompting credit unions to become internet retailers

The COVID-19 pandemic, as we all know, has been the impetus to increase all virtual banking delivery channels – even for those who never touched a smart phone, tablet, laptop, or desktop computer. Credit unions were quick to market their mobile and online banking services as they closed their lobbies to personal visits. According to the FBI, mobile banking has surged by 50% since the beginning of 2020. In addition, the Fidelity National Information Services (FIS) reported a 200% jump in April for new mobile banking registrations with an 85% increase in mobile banking traffic.

The stimulus payouts, along with remote deposits and online account openings, are prompting members to use online and mobile tools with double digit growth month over month. Electronic signature processing with digital forms are also enjoying a growth in volume. Not to mention virtual wallets such as Google and Apple Wallet apps. People who never considered using these services before are now depending on them to continue day to day business.

How will this change business as usual?

Credit unions were already responding to the virtual banking world before the COVID-19 pandemic. They were redesigning their lobby layouts to provide less teller stations and more automated ways to complete transactions complimenting with an increase in staff that can help with non-transactional services such as investment consulting, insurance options, and financial planning. The goal was to create more of a sales environment for their member-owners.

While the pandemic has certainly increased dependency upon new technologies like Zoom and old ones such as RDC and mobile apps, it is probable that post-pandemic, members and credit union staff alike will be eager to loosen their grip on FinTech and get back to doing business face to face. This future might incorporate some of these new services and technologies and may see some new ideas from the pandemic implemented, but don’t expect the face of banking to change completely. If anything, those who didn’t use mobile and online banking beforehand will be more likely to use it in the future… or fall back into old habits and routines.

The future of mobile banking

What is going to change the world is the way we have to “work to make gadgets make a difference in the future” says Randy Karnes, CEO of CU*Answers. “If you can’t feel it, sense it, and anticipate it, you might not be paying attention. “

In anticipating a future where mobile and online experiences are the center of credit union transactions and beyond, it will be financially viable to create internet software properties that will serve the mobile member group. Mobile technology will change the financial marketplace the same way that core processing did fifty years ago.

In a world where you can use apps to read your email, order dinner, pay a friend for lunch, transfer money, or even plan a trip, credit unions need to become internet retailers and make their online apps the most popular and useful of all.


  • Barb Cooper

    As Programming Services Manager, Barb engages with programming teams to improve project workflow, provide training, manage the marketing side of programming, and coordinate team relations with those outside the programming department. Barb also provides programming research for client serving staff, improves programming department documentation, is involved in the efforts to improve the CU*BASE database, and attends focus groups and client sessions to represent the programming department. Throw in a little programming as well.

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