PFM (Personal Financial Management) refers to financial technology that helps users manage their money through visual charts and graphs. While this seems
- Sep 06, 2017
Comparing the 2016 and 2015 Consumers and Mobile Financial Services 2015 survey reported by The Federal Reserve give us two points on a graph that might help point out a trend. The report provides an excellent look into how credit union members are viewing and using mobile banking, and it is up to financial institutions to examine the results and draw conclusions on how it will impact their own mobile banking strategy.
Below are some more results from the two surveys that identify some of the most common mobile banking activities consumers perform with their mobile banking apps. The percentages are among already identified mobile banking users from the survey:
After reviewing the year over year mobile banking activity, keep in mind that this survey has was taken from a sample size of individuals and small variances are expected but the overlying factor remains that not much has changed. In some areas of mobile banking uses, such as locating ATMs, the numbers have dropped enough to question why not as many individuals are using the feature anymore.
These statistics are beneficial to know when designing your product and your marketing strategy for mobile banking. It will also guide your credit union in developing member education of new products. For instance, touting the convenience of checking an account balance and then transferring money when a member forgets about an upcoming payment would be a great marketing tool. Whereas members who already use mobile banking would benefit from learning how it can be used to pay friends on the spot for a split restaurant bill or concert tickets.