HENDERSON, Nev.-One analyst predicts this could be the year in which credit unions significantly step up implementation and use of self-service channels.
Andrew Tilbury, CMO for Bluepoint Solutions, based that opinion on national consumer smartphone purchases and the interest in mobile his company has seen from credit unions. Tilbury pointed out that approximately 677-million smartphones were sold in 2012, a 44% growth rate over 2011. Last year, the number of Bluepoint clients going live with mobile surged in Q3 and Q4, with the fourth quarter seeing the greatest push, he said.
"Credit unions are seeing that with mobile they can level the playing field with larger financial institutions," said Tilbury. "They can even get an edge with the right technology, particularly mobile deposit."
Tilbury explained that Bluepoint already has 2,500 institutions live with mobile deposit . "And the number waiting in the pipeline to go live is at least double that figure. So that kind of adoption, the number smartphones penetrating the market, and the new level of mobile services being offered are what's driving things."
The move to mobile is also being driven by financial institutions not wanting to be left behind. "If a financial institution does not have mobile, there's a feeling now of having to run to catch up," observed Tilbury.
Tilbury believes mobile adoption among CUs will increase even more quickly when CUSOs and corporates get more involved in mobile and provide solutions that can be delivered affordably to small and mid-size CUs. "That's when we'll really see the big adoption numbers, when the smaller credit unions can go online more easily."
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