Ask a few small-business owners about their mobile banking needs and their wish lists may read like this: capture and store receipts, block stolen credit cards and schedule appointments with their credit union or bank.
Small businesses polled say they will pay $1 to $10 per month for certain unlimited mobile transactions.
It’s estimated that consumers spend at least two days per year waiting in line for services at retail environments. This cross-market frustration, spurred on by the preferences of the Gen Y consumer, is leading credit unions to transform branch operations, with an emphasis on providing interactive, self-service options.
Functions such as remote deposit and mobile pay add to the attraction, consultancy ath Power says.
Oklahama City credit union cites functionality, integration with core.
Mobile banking has quickly taken on a key role in the growth strategies of leading credit unions.
Mobile banking is the latest offering from Catalyst Corporate Credit Union.
Texas-based corporate – formed from the recent merger of Southwest Bridge Corporate and Georgia Corporate – is working with Malauzai Software Inc. of Austin, Texas.
Education financer adds mobile banking for customers of its certificate of deposit, savings, checking and money market accounts.
Mobile banking users are not necessarily more affluent than nonmobile bankers, according to Boston-based research firm Aite Group, and credit unions should invest in debit cards, prepaid cards and merchant-funded awards to attract new members.