Tag Archives: Mobile Banking

How is a Mobile App Used?

This article is from BankNews.com

August 31 – According to a recent Chase Bank survey, about one-third of Americans use mobile banking apps now more than they did a year ago. Not surprising, millennials are the heaviest users, with 67% of young adults reporting they regularly rely on their smartphones to monitor their finances. And 45% of Hispanics use mobile banking.

A majority of respondents (54%) say they use their app at work. People also regularly conduct mobile banking during pauses in their day, such as standing in the checkout line at a store (38%), during their commute (28%), while waiting to pick up a child from school (24%), and even while on a date (17%).

Active mobile banking users average 17.5 visits to the app each month—mainly from their smartphones and, to a lesser degree, from tablet devices, according to Malauzai Software (an ESP partner).

Front Line newsletter subscribe today “Understand that 80% of the time an end-user logs in, they do nothing other than check balances and look at recent history,” the study indicates.

Although many people still prefer to conduct business inside a branch, you’ve probably noticed the shift toward mobile and online transactions among your membership, too. That includes older members who’ve discovered the advantages of banking on the fly.

Expect members to approach you with questions about your credit union’s mobile app.

The less tech-savvy types might need you to show them how the app works. Consider that about 15% of log-in attempts fail, according to Malauzai Software.

Start slowly with members who express a lack of confidence with the app. Show them functions like checking a balance and viewing recent transactions before introducing more involved functionality.

On the other end of the spectrum, you should have a solid understanding of the mobile app’s advanced features, so you can relate with members who consider mobile banking a necessity and rely on it as their primary tool for interacting with the credit union.

For instance, mobile check deposit and person-to-person payments (P2P) continue to gain momentum.

A typical financial institution has 25% more active mobile depositors than a year ago, according to Malauzai Software—perhaps in part because improved software now captures the image on the first attempt 75% of the time.

P2P users now average 1.85 money transfers per month, with an average payment of $312.

It appears Apple has fueled a lot of this growth: Owners of its devices send money at 65% higher values than Android users.

Mobile banking usage peaks on Fridays, Malauzai Software reports, but Wednesday is the top day for viewing check and deposit images.

Are you considering RDC? Ponder This

Remote Deposit Capture (RDC) hit the credit union industry fast and hard. Simply, RDC is the ability to deposit a check into a credit union account without having to physically deliver the check to the credit union. In the past it was usually accomplished by use of a table-top scanner connected to a desktop computer. The scanned digital image of the check was then email to the credit union for deposit. But with smartphones all that has changed.

Smartphones can now allow anyone at anytime and at anyplace (that has cell coverage) to deposit checks. This delocalization of banking is empowering members to take control of their own check transactions just like Amazon empowered shoppers to abandon brick-and-mortar stores for virtual shopping.

RDC was a hot button item for a period of time that had a lot people saying “I have to have that”. Now that the excitement has subsided, like it does for all new technology, stronger heads are prevailing. Personally, I am not saying RDC is gone or going away, by any means; but I will say that credit union executives are starting to research their options a bit more which is good for everyone.

I found an article that CUES just ran on things to consider when deploying RDC (titled “Play It Safe“). The article encompasses almost every talking point that I share with credit unions when they are considering the addition of RDC to their arsenal of member solutions. RDC is a really great solution for the minority of members that will use it. Given that, now you have to consider the cost associated with the deployment of that solution. Like so many other solutions (online ATM/debit, Shared Branching, mobile banking, and more) there is more to the solution than meets the eye. Security, speed, availability, phone availability, cell coverage and the list goes on. But I digress, this CUES Article will help you ask the right questions when considering this solution.

Shaun Murray, Chief Elbow Rubber

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Bill Pay to your Mobile Member

We are excited to announce that the second Mobile Bill Pay integration is complete. We utilized an API structure that we built to increase efficiency and flexibility between our Mobile Solution and a Client’s vendor of choice. This particular integration takes advantage of ESP’s Mobile Banking and PSCU Bill Pay.

Clients that partner with PSCU Bill Pay can now deploy a truly seamless interaction with Mobile Banking. Increasing member satisfaction!

The integration our Team worked hard to accomplish is spectacular. The security, fluidity and seamless look, feel and functionality is something I wish my FI offered. We could not be happier with the new integration we have with PSCU Bill Pay.

ESP now offers up the Mobile Bill Pay integration with Mobile Banking through PSCU and iPay. It is exciting times when you have the opportunity to work with a group of people that are so excited to build solutions for the greater good of the Credit Union Industry. At a price that is equally as impressive.

Your Mobile Credit Union

The companies provided in this write-up are examples of solutions that are available in the market. Credit Unions of all sizes should be able to deploy solutions like the ones mentioned and the solutions provide a wide range of functionality and cost competitiveness.

There are so many mobile options out there right now that it can be really tough to decide:

  1. How you want your credit union to “look”
  2. What does that mean for your members
  3. What exactly is that you need
  4. Who do you need to talk to

So we have compiled a couple of different scenarios for you to review so that you understand what it is that needs to be done. And understand that comments like, “I want to turn on RDC”, might not be that simple.

Option #1

All-In-One App

We will call this the “All-In-One”, which simply means that your member will access everything from one spot.

Why would you want this solution? To give your members all the tools they need to do business, from one place. Simplicity.

Partners Needed? App Company, your Share Draft Processor, Core Processor/Home Banking Provider

If your a Client of ESP: App Company is all that is needed.

This solution is the deployment of an App (an application, typically a small, specialized program downloaded onto mobile devices), where your members will need to download it to their mobile phone. Using solutions like iTunes Store, Google Play, etc. Partnering with a company like Malauzai will allow you to arrive at this functionality. These companies work with you to ensure that the following (and more) are handled:

  • Color Scheme
  • Menu Names
  • Locations (pictures in some cases)
  • Social Share Information (Twitter, Facebook, etc.)
  • Button/Icon Availability
  • Bill Pay Integration
  • Remote Deposit Capture Integration (RDC)

All this and more is included in the app, accessed from the members mobile device.

Option #2

Remote Deposit Capture (RDC) App and Web Enabled Mobile Banking

This is a great solution for a cost conscious credit union.

Why would you want this solution? To give your member’s the ability to use RDC with the already deployed Web Enabled Mobile Banking.

Partners Needed? Core Processor/Home Banking Provider, Share Draft Processor, Flite/SnapCheck

If your a Client of ESP: Flite/SnapCheck is all that is needed, assuming you are running Mobile Banking.

 

This solution is the deployment of an App (an application, typically a small, specialized program downloaded onto mobile devices), where your members will need to download it to their mobile phone. Using solutions like iTunes Store, Google Play, etc. Partnering with a company like SnapCheck (from Flite) will allow you to arrive at this functionality. The member can access RDC two different ways.

  1. Click on the RDC App and perform an RDC transaction at anytime.
  2. There can be a link (SSO – Single Sign-On) in the web enabled mobile banking that can open the RDC App immediately and the member can perform an RDC transaction from the RDC App.

These companies work with you to ensure that the following (and more) are handled:

  • Color Scheme
  • Credit Union Logo (generally, you can also white label the solution as well)
  • Button/Icon Availability
  • Remote Deposit Capture Integration (RDC)

All this and more is included in the app, accessed from the members mobile device.

Start by asking yourself how you want to be viewed in the market and begin exploring solutions. There are a plethora of opportunities for all credit unions, happy researching!

ESP, Inc. offers all of the solutions above and more. This write-up is intended to provide a little information to help through the muddy waters of mobile deployement options.