Members who use online banking are likely to embrace mobile banking.
That’s what Veridian Credit Union, Waterloo, Iowa, found after it introduced mobile banking in August 2010. About 70% of the $1.7 billion asset credit union’s 153,000 members use home banking. They conducted 1.4 million online banking transactions in 2010.
This high rate of online banking adoption helped attract 6,000 mobile banking users within the first five months of launch, says Brett Engstrom, manager of web services.
Veridian’s mobile banking service offers both text/SMS banking and mobile web access, which means it’s accessible even if members lack a smart phone or a data plan. Members aren’t required to enroll in online banking to use mobile services.
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Engstrom says Veridian plans to add person-to-person (P2P) transactions this year so members can transfer funds to others based only on the recipient’s e-mail address.
Veridian serves as the depository financial institution for credit union funds transferred via P2P transactions handled through the partnership. Participating credit unions, however, can choose a “branded” option that allows them to hold their own funds.
Mobile to-do list
Mobile banking experts interviewed by Credit Union Magazine advise taking these steps when introducing mobile banking services: