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Mobile Banking Annual Adoption

August 4, 2016

August-2016-Chart_blog

A recent Federal Reserve report included somewhat surprising trending information on mobile adoption over the last few years.  With a mere three point increase since 2012, the adoption of mobile banking technology by consumers is far less than the market hype would have you believe—leaving many scratching their heads over recent budget priority rankings where mobile technology investment was fairly high on the list.

With the perennial management conundrum of never having enough budget dollars to tackle all the strategic wants and needs of the organization, investing in the right area of the business can be the difference between success and failure for many community banks and credit unions.

Instead of investing heavily in mobile banking, consider investing in proven branch sales and service technologies where, believe it or not, the significant majority of new business is still generated.  For example, software as a service branch appointment and lobby tracking applications, can be a quick win for many financial institutions.  Increasing your branch traffic and streamlining the account holder experience are key components in the ongoing battle against the competitors in your market.

 

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