This is One Metric You Should Know
May 16, 2018
How many times per month do your members use mobile banking?
Did you know that, when it comes to mobile app usage, banking apps are in the top 3? Only social media and weather apps are used more.
Last month, Citi released the results of its 2018 Mobile Banking Study, which also revealed that 46 percent of consumers surveyed, including 62 percent of Millennials, have increased their mobile banking usage in the last year. One major reason is convenience: study respondents estimate they save 9 hours per year with mobile banking.
Overlay the importance of mobile banking and its continued rapid adoption with FICO’s 2016 study on the Digital Generation, which showed that the most satisfied customers are also the most likely to be using a bank’s mobile app once a day or more. This correlates higher usage to higher satisfaction. On the flip side, poor experiences with mobile banking apps double the likelihood that Millennials will close all their accounts and switch banks.
If you were to prove those statistics out with your membership, would you respond to poor experiences with the mobile app with greater urgency? Would you market specifically to high frequency mobile users?
The Citi study reports that 81 percent of consumers use mobile banking 9 days per month, on average. The bottom line is that mobile adoption is in rapid expansion mode. While your membership’s numbers may be different, if usage statistics are not on the upswing, it may be time to seriously consider why. It could be an early warning sign that the credit union’s relevancy is under threat.
