According to the Mobile Ecosystem Forum’s recent Mobile Money Report, 61{91edff4ab0179c213d4d62ccb73735ad51d636906a6f58336791bd911b76df7b} of people use their mobile phone to carry out banking activity. Yet, even with mobile banking’s booming popularity, around 28{91edff4ab0179c213d4d62ccb73735ad51d636906a6f58336791bd911b76df7b} of the 6,000 people interviewed for MEF’s report said that a branch was the preferred location for daily banking, compared to the 26{91edff4ab0179c213d4d62ccb73735ad51d636906a6f58336791bd911b76df7b} who prefer mobile.

So it is not a matter of channel replacement but more of channel enhancement and integration when it comes to mobile, branches, online, phone and ATM. The bottom line is that physical branches remain central to the retail delivery strategy for most financial institutions.

Key Take Away: Members will always choose the most convenient channels depending on their financial needs at the moment, so it is up to the credit union to facilitate this reality by implementing solutions such mobile and online appointment booking capabilities that help merge the digital and physical worlds.