A Pew research survey conducted last year showed that 68% of Americans now own a smartphone – which was up from 35% from just four years prior. In other words, the number of smartphone users nearly doubled in just four years to include over 150 million Americans.

That alone should be enough to convince you that mobile should be an integral part of your credit union marketing strategy is. But here are five other reasons why it matters (and lots of numbers to go with it):

  1. Mobile Apps Matter Now More Than Ever
    A Bain research report showed that mobile and online banking were the two areas ‘most likely to delight’ consumers when it comes to banking services. If members cannot conduct the basic business transactions they need to from your mobile app, there’s a chance you may have already lost them.

    More research shows that nearly 69% of Americans consult user reviews or other review sources before making a purchase on something. It’s not a stretch to believe that your App or Google Play Store reviews are a factor in deciding whether or not to sign up for account with your credit union.

  2. Mobile Leads in Digital Media Devices
    Research shows that digital media users now spend 51% of their digital media time on a mobile device. This tops even laptops/desktops at 42%. 73% of Americans own a desktop or laptop – more than those who own a smartphone and yet more time is being spent on mobile. If people are spending more time there, you need to be doing the same. 
  3. Younger Demographics Are on Mobile
    68% percent of all Americans own a smartphone, but 86% of people in the 18-29 range own a smartphone. In other words, almost all young Americans own a mobile device. If you aren’t trying to speak to them via mobile ads or by building a better mobile experience, chances are you’re not speaking to them at all. 
  4. Mobile Ads Are Expected to Generate More Revenue
    It’s where more users are and the most active users use applications (e.g. social networks like Snapchat, Twitter and Instagram) that specifically designed to be used on mobile. Take a look at the research, though, that suggests that mobile ad revenue will grow faster than any other form of media revenue. 
  5. People Hate Banks, Don’t Give Them a Reason to Stay With One
    Banks offer convenience and higher grade mobile banking. This is the traditional wisdom, but it doesn’t have to be. A 2014 study revealed that even though most Americans disliked banks, they were unlikely or unwilling to switch from one to a small institution like a credit union.

That’s not to say that you’ll make an app that will instantly make you competitive against Chase or Bank of America, but you don’t want to give people a reason to think that you shouldn’t be in the conversation at all. Invest in beating the traditional wisdom and you’ll find more and more consumers turning into members.