Credit Unions Cut Vendor Ties in Search of Faster Apps
A growing number of credit unions are terminating contracts with incumbent mobile banking providers, saying they want more and faster technology than what's currently on the market.
That's a plus because good apps are central to survival, advocates say. Institutions that have yet to debut a full-featured mobile banking app should have some concern about their longevity.
The $1 billion Achieva Credit Union in Largo, Fla., recently severed a longstanding relationship with its mobile banking provider, in favor of deploying a new solution provided by Plano, Texas-based Alkami Technology, said John Wintermeier, SVP and chief information officer of the credit union.
One important difference is Achieva's new platforms will be seamless in terms of online and mobile banking and the user experience will be very similar across devices, Wintermeier said. The new platform will also have many educational and self-service components, which are key features for members, he added.