With the mobile branch, members can access account information through their mobile phones via their delivery preference of choice. According to Goldenwest CU Director for Information Technology Mike DeGroot, whether texters, Web browser users or those who want a downloadable application, members can choose which format best suits their needs.
Goldenwest CU Executive Vice President Kerry Wahlen said incorporating the free text messaging was key to helping younger members monitor their personal finances.
"On average, teens and young adults send and receive 2,899 text messages each month with their mobile phones," said Wahlen. "We wanted to reach out to our youth segment with a financial management tool that fits their communication preferences."
She added that the appeal of texting isn't limited to just teenagers and young adults. During the testing phase of the mobile branch, users of all ages migrated to the text-on-the-fly option for quick account access and review.
"Goldenwest has introduced a triple play when in comes to mobile banking," said DeGroot.
Web browser users can go to gwcu.mobi to view account balances, review transaction history, transfer funds between account types, and identify branch and ATM locations. Similar features are available on the downloadable application. An electronic bill pay feature is slated to launch in the near future for mobile users.
For members' protection, the Mobile Branch requires user verification with multifactor authentication and utilizes 128-bit SSL encryption for all data.
Two Mass. CUs Deploy uMonitor Tools
A pair of Fitchburg, Mass., credit unions is now opening and funding accounts online with solutions from uMonitor of Memphis, Tenn.
They are the $693 million Workers' CU and the $388 million IC FCU.
Both credit unions run on the Fidelity MISER core platform and said they have experienced reduced human error and application processing cost integrating their core solution with the uOpen and uFund services. The solutions also include an automated switch kit for accepting and approving applications and assigning account numbers.
uMonitor said it now has about 125 customers, about half of them credit unions.