The $1.1 billion, 66,000-member Eli Lilly Federal Credit Union said 1,101 members have begun using its new mobile service since its soft launch in early May.
The Indianapolis credit union is using a mobile platform from mFoundry of Larkspur, Calif., to power ELFCUmobile, which includes native mobile apps for Apple, Android and BlackBerry devices, mobile Web and SMS text banking, the company and credit union said.
Of those first users, 780 used apps, 518 used Web banking and 120 used text banking for a total of 6,726 sign-ons. Their activity, as of May 31, included 1,639 account details/history checks and 440 remote check deposit transactions, the credit union said.
The credit union said that overall 40% of its members now use its electronic banking services instead of going to a branch, and that its search for a mobile vender began more than a year ago, with a focus on flexibility and the ability to integrate with its new Open Solutions core processing platform.
“mFoundry provided a direct integration to our core system, allowing all members to enroll in mobile banking. mFoundry’s hosted solution also gave us comfort with scaling the solution and adding new features with little to no disruption of our members’ banking activity,” said Tim Greene, the credit union’s assistant vice president for e-commerce.
mFoundry said it now serves more than 675 financial institutions, including one third of the 50 largest credit unions and banks.
Drew Sievers, co-founder and CEO of mFoundry, said, “ELFCU is a perfect example of how a credit union can leverage the mobile channel to serve remote members more effectively. ELFCU can now provide members with a wide range of banking services, such as account management, mobile deposit or two-way text alerts, to manage their banking relationship from virtually any device.”