Nearly two-thirds of Americans own a smartphone, according to a 2015 Pew Research Center report. As these devices grow in sophistication, users expect greater utility. This is especially evident in the evolution of mobile banking.
As it turns out, credit unions are up to the challenge.
When MasterCard wanted to pilot facial recognition authentication for smartphone payments, California-based First Tech Federal Credit Union was a natural fit. Its 400,000-plus members hail from SEGs such as HP, Microsoft, Intel, CISCO, Amazon, Intuit, Google, and Twitter. Currently, more than 200 First Tech employees are participating in the facial and fingerprint authentication project, conducting up to five or six transactions a day on Android and iPhone devices.
Learn more about this experiment in "Smile For Selfie Pay" by Callahan senior writer Marc Rapport.
The average member age at Altra Credit Union is a whipper-snapping 39 compared to the industry average of 47. How has the Wisconsin cooperative accomplished such a feat? The credit union offers products and channels that appeal to the young adult set.
To learn more about how the credit union is cultivating these relationships, read "How To 'Go Mobile' And Reach Young Members" by Callahan contributor Sharon Simpson.
Since 2009, members of Washington State Employees Credit Union have been able to apply online for the credit union's short-term loan offerings. Since May of 2014, they've been able to apply for the loans via Apple and Android devices. The loans are a popular product for WSECU — some 5% of its nearly 228,000 members use them — and as much as 73% of applications come in through digital channels
To learn more about how WSECU made its loan app mobile-friendly and moved the process into the cloud, read "Mobile App Drives Short-Term Lending at WSECU" by Marc Rapport.
Finally, in the CreditUnions.com Graphic Of The Week, Callahan analyst Stephanie Clark takes a look at member expectations in regard to technological options and convenience. Learn how the mobile channel not only provides that for members but also helps credit unions reduce costs in "Mobile Services And Delivery Channels."