X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Wireless and online banking may seem like a top issue of the day, but six years ago the functionality of this new technology was just beginning to be debated. Credit Union Times looks back to 2004 when credit unions were pushing wireless banking aside as a technological dud and refocusing on text messaging. At the time, credit unions and banks that had started to roll out wireless Web banking were experiencing a lack of interest among consumers. The argument was that consumers could achieve the same results from wireless Web banking as telephone banking. The technology, at the time, was hard to implement and the number of members that would likely switch to a financial institution because of wireless banking seemed to be small. However, technology experts weren’t recommending completely walking away from implementing new strategies involving cell phones. Experts predicted that with more consumers becoming concerned about fraud and identity theft, the ability to instantly alert members through text messaging about a transaction that may be fraudulent could prove to attract members. Experts also argued that this type of technology was better suited for smaller financial institutions because larger regional banks weren’t in touch with their customers enough to know what the demand for the service would be.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.