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Mobile Technology a Smart Investment, Leadership Conference Presenter Says
Monday, September 8, 2014 6:45 AM

Smartphones are changing the way credit union members conduct their financial business, according to CUNA Mutual’s Ben Klepzig. In his presentation at the Cornerstone Credit Union League’s Leadership Conference in San Antonio, Klepzig pointed out that branch visits average one per month, and internet visits average six to seven per month. Mobile visits average 20-30 per month. This, he told the credit union audience, shows the viability of mobile technology.

Klepzig shared with the audience that 79 percent of people use their smartphone first thing in the morning, and 90 percent of 18-29 year-olds sleep with their smart phone nearby. Additionally, 57 percent of smartphone owners age 55-59 use them in stores for price comparison, compared to 37 percent of the millennial generation. Thirty-one percent of consumers use their smartphones during the car-buying process.

According to Klepzig, mobile banking is seeing a 118 percent average growth rate per year. He also shared that the top six credit unions generated 35 percent or more of their loan applications through mobile means.

“Mobile lending is creating a huge growth opportunity for credit unions, and I would advocate that mobile technology is worth the investment” Klepzig said.