How To Boost Mobile Banking

By Marc Rapport

Published on April 24, 2017 on Creditunions.com

Mobile isn't just a channel anymore; it's the preferred channel for standard transactions for more than half of consumers, according to a 2016 survey conducted by Harris Poll.  But offering mobile banking and lots of apps isn't enough. Credit unions must offer a consistent member experience across channels, and that’s not easy.

But it can be done.

Two credit unions ― one in Tennessee, the other in Connecticut ― use five vendors, including two core processing platforms, to provide more than 20 mobile services. That’s a lot of touchpoints. But Y-12 Federal Credit Union ($1.1B, Oak Ridge, TN) and Nutmeg State Financial Credit Union ($400.1M, Rocky Hill, CT) use a member experience framework to shape product delivery strategies and standardize experiences across channels.

For example, both credit unions are striving to make mobile the primary avenue for deposits. To make mobile deposits as easy as handing a check to a teller, the credit unions use the same check-clearing rules and parameters for mobile as in branches and a focus on making funds available as close to real time as possible.

Mobile Made For Members

Y-12’s new mobile deposit solution promises to speed up mobile capture and continuously post member deposits.

“Real-time posting means we review items faster, so members can access their funds sooner,” says Y-12 senior vice president and chief technology officer Todd Richardson. “In fact, depending on the limits we set, often instantaneously.”

The Oak Ridge-Knoxville area credit union already offers its members a big package of mobile functionality, including card controls, biometric authentication, bill pay, live chat, and secure messaging, as well as support for the major app platforms and emerging players like Apple Watches and Amazon Fire tablets.

“We have more active mobile users than active online users,” Richardson says. “They use the basic features constantly. Our goal is to reach 30,000 active users by the end of the year.”

Y-12 currently counts approximately 19,000 active mobile users from its base of 113,000 members. That tech-savvy crowd already makes 5,000 or so mobile deposits every month.

Y-12 runs on the Symitar core processing platform and uses Access Softek mobile banking software. Nutmeg State runs on the Corelation core and uses Jwaala mobile banking software. Both credit unions use Alogent RDC tools.

Nutmeg State’s members are similarly enthusiastic about mobile. Its 39,000 members were, at year’s end, making 3,400 monthly deposits worth $1.5 million by remote deposit capture. It still has more desktop users than mobile — 9,454 versus 6,243, respectively — but expects to see mobile grow as the efficiencies and capabilities of its e-channels and core processing blossom.

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