From Knoxville News Sentinel – When Matt Cale wants to see how much money is in his checking account, the 30-year-old UT Federal Credit Union customer pulls out his smartphone.
Through a mobile app, Cale can transfer money among accounts, deposit a check and even monitor his spending habits.
“As soon as I found out they had an app, I started using it,” he said. “I don’t go to the credit union very often. There’s really not much reason to go.”
Cale, who last went to his credit union earlier this year to refinance a loan, is part of an increasing number of customers forgoing on-site visits in favor of mobile and online banking services.
Banks and credit unions are taking note.
UT Federal Credit Union is adding about 100 new mobile banking users per month, while its mobile deposit usage has grown about 20 percent in the first six months of this year, said Jonathan Patrick, senior vice president and chief lending officer.
It’s also rolling out smart devices in each branch to help demonstrate mobile banking and other services.
“It allows us to be with them at their convenience,” he said. “We still have people who like to come into the branch, but for everyday transactions like a deposit, it can be done whenever it’s convenient for them.”
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