Catalyst Corporate Offers White Paper on Credit Union Mobile Banking Trends

A substantial number of credit unions have already provided mobile banking capabilities for their members—and the credit unions that have not are now racing against the clock to offer it, according to a new white paper created by Catalyst Corporate Federal Credit Union.

The white paper, entitled, “Is That a Credit Union in your Hand? Credit Unions Respond to the Mobile Revolution,” is based in part on findings from a recent mobile banking survey exclusively directed to credit union CEOs.

Approximately one-third of CEOs surveyed reported that their credit union already offers mobile banking, and more than 40 percent of the credit unions that do not yet offer mobile banking say they will launch a product within six-to-12 months. Fifteen percent of credit unions that do not currently offer mobile banking expect to start adding it within three months.

Also of note was the finding that more than 80 percent of credit union CEOs responding currently use smartphones, and about half of them are already using their smartphones to conduct mobile banking.

Catalyst gathered the credit union CEO input through an online survey conducted earlier this year. Of the 1,701 CEOs contacted, 368 participated, for a 22-percent response rate.

Among respondents whose institutions currently offer mobile banking, balance inquiry, transaction history and transfers were ranked as the most important features of their mobile banking product. Larger credit unions also placed relatively high importance on branch and ATM locators, mobile check deposit and bill pay.

The greatest challenges with mobile banking by those with and without mobile banking programs included security of member data, operational costs and member awareness.

The paper also touches on national statistics, mobile banking-related technologies and other considerations for credit unions looking to define their role in the mobile banking arena.

“Mobile banking has the potential to be the greatest interaction a credit union has with a member,” says Brad Ganey, chief operating officer of Catalyst Corporate. “Mobile banking is more than an add-on service. It will become a fundamental component of the credit union’s service delivery system.”

In an effort to help credit unions keep up with the mobile banking revolution, Catalyst Corporate launched its own mobile banking product earlier this year.

And realizing that one size does not fit all, Catalyst offers a variety of mobile banking configurations: a stand-alone mobile banking app; stand-alone mobile check deposit, including the ability to integrate with a credit union’s mobile banking product from another vendor; and the mobile banking app with mobile check deposit. Completely compatible with iPhone and Android technologies, the mobile banking service also integrates with the Catalyst Corporate/Bluepoint Solutions Mobile Capture service that enables credit union members to make mobile check deposits.

Catalyst Corporate’s mobile banking app, created by leading app-developer Malauzai, places tremendous focus on the user experience, giving members the ability to check account balances, review transaction history, make internal account transfers, pay bills, locate branches and ATMs, and share referrals and content through social media. The app also includes unique features such as a debit card on/off feature that enables users to reduce the threat of unauthorized access to their credit union accounts.

Credit unions benefit from these app features through a fully-functional service that integrates with each credit union’s core systems.  Additional advantages are a customizable and unique branding opportunity, an emphasis on analytics and member satisfaction metrics gained via easy-to-administer surveys, and access to turnkey marketing materials that can build awareness and interest. Another key benefit is the product’s easy integration with Bluepoint Solutions, which allows utilization of a common database for checks—thus reducing the potential for duplicate checks problems.

The free white paper is available on the Mobile Services page of the Catalyst website at www.catalystcorp.org/rdsmobile.aspx. For more information on Catalyst Corporate Mobile Solutions, email an account executive at contactus@catalystcorp.org or call 800.442.5763.

 

Strategic Link is the NWCUA’s wholly-owned service corporation, providing the Association’s member credit unions with exclusive high-quality, competitively-priced products and discounted services. To learn more about how the Association’s partnership with Catalyst can benefit your credit union, contact Sales & Marketing Associate Craig Reed: 206.340.4789, creed@nwcua.org.

Posted in Advocacy News, Around the NW, Federal.