Three billion. That’s more than a third of the world’s population. It’s also the number of people who will have access to mobile banking services by 2021, according to a study from Deloitte. Across the nation and around the globe, financial institutions have jumped on this trend, offering digital services ranging from bill pay to mobile deposit and more.
Credit unions are no exception. More than 77% of credit unions offer online banking and 57% offer mobile banking. These services allow credit unions to combine convenience with the local, personal touch that they’re known for. They’re also an important strategy for appealing to younger demographics: As much as 88% of millennials do their banking online, and those numbers will only rise as Generation Z enters the workforce and begins doing banking on their own.
As head of deposit products at PenFed Credit Union, I’ve seen how these products can transform members’ financial wellness, helping them achieve their financial goals and increase their sense of financial stability. Here are some ways you can encourage your members to take advantage of these services and maximize their full potential:
- Enroll in direct deposit An impressive 82% of Americans use direct deposit – and it makes sense. Not only does direct deposit allow members to access their funds far more quickly, but it’s…