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Arkansas Superior FCU Sees Slow Adoption Rate of Mobile Banking, but Confident Members will Embrace
Tuesday, May 6, 2014 6:45 AM

Mobile banking is hot and getting hotter. Last year, 74,000 consumers a day began using mobile banking services to pay bills and make balance inquiries and transfers, according to Javelin Strategy & Research.  The adoption of mobile banking is occurring at a rapid pace, Javelin reports, with four in 10 mobile bankers having used the service for the first time in the past year.  Arkansas Superior FCU rolled out its free mobile banking app about eight months ago, and although the adoption rate has been slow, the credit union says it’s confident that members will eventually embrace it.

“Currently only about 4 percent of our membership has signed up for the service, but we’ve been promoting it pretty heavily the last few months, so as more members become aware that the service is available, and more confident in it, I’m confident we’ll start seeing that percentage increase,” Carolyn Ashcraft, senior vice president of operations for the Warren, Ark.-based credit union tells the Leaguer.

According to Ashcraft, Arkansas Superior FCU members tend to be middle aged and older. The credit union recognizes the importance of attracting a younger demographic and believes having mobile banking is essential for younger audiences. The credit union’s mobile banking app allows members to check account balances, see recent activity, view transaction history, transfer money between accounts, and find ATMs and branch locations. Ashcraft says the credit union plans to add a remote deposit feature this year.

Javelin expects that 48 percent of mobile consumers will use a banking app this year, up from 43 percent in 2013. By 2018, more than 6 in 10 mobile consumers are anticipated to be using mobile banking.