The $556 million Rivermark Community Credit Union of Beaverton, Ore. announced its online and mobile banking business continues to surge with a 34 % year-to-year usage jump in online accounts and 86% spurt in mobile banking.
In August 17 announcement, the suburban Portland credit union with 64, 400 members called the increases a “dramatic shift in how our members conduct their business” which also means they are relying less on branches.
Scott Burgess, president/CEO, said Rivermark members seem to be embracing the new technology much more than he expected by opening new accounts online, signing loan documents and depositing checks remotely.
Burgess said he is “pleasantly surprised by the overwhelming response” to the credit union’s marketing, noting also “during the same time, the number of in-branch transactions has also declined steadily.”
But he stressed that branches are not going out of the picture.
"While we're excited about the increased access and convenience we've provided our members, it's important to note that we do not intend to become a branchless credit union,” he concluded. “Branches continue to play a vital role in our strategic direction.”
Burgess added Rivermark was the first Oregon credit union to implement mobile deposit in March 2012. In five months, nearly 10,000 members deposited more than 31,000 paper checks using their iPhone or Android mobile device, the credit union reported.
Rivermark also launched an e-signature service including smart phone applications. Since that service was launched in February 2012, more than 1,000 loan applications have been signed electronically from mobile and online devices.