SANTA CLARA, Calif. — KeyPoint Credit Union has gone live on Facebook, becoming what it says is the first financial institution to offer online banking on that ubiquitous popular social networking channel.
The $795 million Silicon Valley CU is using the mobile banking engine from MShift Inc. to provide its 71,000 members one-click access to account information through their Facebook accounts.
The secured connection uses authentication technology and, being Facebook, the idea also is to provide a forum for KeyPoint members to socialize, the CU says.
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"What better way to make a difference in the overly commoditized retail banking market than to link our banking service into our member lifestyle experience and their main social networking platform–Facebook," says Juli Anne Callis, KeyPoint's EVP and chief operating officer.
"Our current membership is significantly younger and more globally mobile than the typical credit union member. That means we need to be out there scouting for the ways to bring value in the form of the latest convenience to our existing members or risk losing them," Callis says.
San Jose-based MShift provides mobile banking software for all mobile devices and carriers, the company says, and its client list now includes about 30 credit unions, a list that has doubled in the past 18 months.
The KeyPoint application leverages the Facebook API to build on the MShift engine for user authentication and data encryption, says Awele Ndili, MShift CEO.
"It is a very secure application with a rich user interface. We are excited to partner with KeyPoint for the development of this novel application," Ndili says.
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