SAN JOSE, Calif. – Partnerships and leading-edge community institution innovation are two reasons why the Austin, Texas-based Malauzai Software, a provider of mobile and Internet banking SmartApps, chose to demo at FinovateSpring 2015.
Forging partnerships with companies such as the Armonk, N.Y.-based IBM, San Diego-based Mitek, Wethersfield, Conn.-based Payveris and Fort Wayne, Ind.-based Allied Payment Network has allowed Malauzai to deliver advanced technology to credit unions and community banks.
As a result, community institutions have “out-innovated the big banks,” according to Robb Gaynor, Malauzai’s chief product officer.
One example of innovation is the SmartwearApp for Apple Watch – Malauzai is one of only a few U.S. financial organizations that has developed a banking app such as this one for the Apple Watch. The SmartwearApp is an extension of the watch’s existing mobile banking application. Among the financial institutions that have launched the app are the $557 million Greater Texas Federal Credit Union in Austin; Aggieland Credit Union, a division of Greater Texas Federal Credit Union and the $257 million Alabama Teachers Credit Union in Gadsden, Ala.
When end-users download the updated version of their institution’s mobile banking app from the Apple App Store, they gain access to the watch app and are simply required to synchronize the device with their iPhone. To date, eight community institutions have launched watch banking with Malauzai.
The first generation of SmartwearApps gives end-users the ability to check balances, view transaction history and access a branch locator, and Malauzai has plans to expand transactional and money movement capabilities within the watch’s functionality.
Malauzai conducted the first live demo of the new SmartwearApp at Catalyst Corporate’s Accelerating Success Conference in Las Vegas on May 1 and is demoing the product again at FinovateSpring.
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
