Mobility Matters: Tracking the Mobile Banking Revolution in Credit Unions
Get the headline news: mobile banking is not simply a new channel, it is a game changer – and without it, many institutions can expect to perish.
UFCU Crows About Mobile Success. Nine months into the rollout of mobile banking, Austin, Texas based University Federal Credit Union – a $1.45 billion institution with some 146,000 members – has announced it now has 20,000 mobile banking users.
An irony is that this is the institution’s second go-round with mobile. In 2010 it introduced an earlier version but that provider pulled the plug on it a month after UCFUdeployment - highlighting the importance of picking the right vendor (this time, UCFU went with mFoundry). But the other takeaway, said UFCU eservices senior manager Bryan Mishkin, is that UFCU learned a lot about what it and its members don’t want and do want from mobile banking in that first go-round.