The credit union not only needed to upgrade its online service – at the same time, it really wanted to get into the mobile space to deliver convenience to its membership, he said.

"We're focused on improving the member experience, and with today's rapidly evolving technology, that means providing an exceptional level of convenience using 24/7 banking," Fisher explained.

UNCLE (which stands for University of California Livermore Employees) Credit Union considered member convenience in the past, Fisher recalled. That discussion mainly centered on expanding branches and ATMs, and extending hours, all of which require members to go somewhere in person. And even though online banking is more convenient, it still requires members to use a computer or laptop, whereas handheld devices are with members all the time, Fisher noted.

"We want to be wherever the member is, and then let the member choose how they want to interact with our institution," he said.

The credit union looked to Wescom Resources Group prior to implementing its digital service, and requested specific requirements that would make banking convenient for members.

"We wanted a single sign-on, and only one set of passwords and user credentials," Fisher said. "We did not want to have to match one mobile vendor with a different online banking vendor." As a result, members can visit a single UNCLE Credit Union app for all their financial needs.

UNCLE Credit Union allows its 21,000 members the ability to control their finances through its digital banking services – account holders can check balances, pay bills, set alerts, monitor spending and track financial goals, for example. In addition to Send Money, their latest digital banking feature, the credit union's offerings include: eDeposit, an electronic check deposit service; My Money Tracker, a free financial management and budgeting tool; TextMe, a tool for viewing real-time account information via text message; and the ability to transfer money to accounts at other institutions through Account-to-Account Transfer.

The goal behind all of these tools is member retention, as well as ensuring the credit union stays competitive with big banks. UNCLE Credit Union has also recognized that its current and potential members have increased their expectations about how they want to interact with P2P services, as well as how they want to access their banking services.

The decision to partner with PayPal was not easy, Fisher said – for a long time, financial institutions worried about the threat PayPal posed to banks and credit unions, however, with the normalization of mobile payments under way, the credit union looked to the market and its members for signs as to how to proceed.

Currently, there are roughly 30 apps that allow individuals to pay a business or institution through a smartphone or tablet. Raddon's National Consumer Research also shows that that 24% of all consumers report having used a P2P payment service (including PayPal, a financial institution and/or a third-party source).

UNCLE Credit Union also discovered through data mining of its transactions that a third of its members were already using PayPal on a regular basis.

"PayPal P2P has been around for a while," Fisher said. "The decision becomes even more convincing when PayPal's penetration is considered."

With Send Money, UNCLE members can pay bills and send money using just the recipient's email or mobile phone number, and utilize either an Android or iPhone device. The sender does not need to have a PayPal account to send the funds, but many consumers either have a PayPal account are at least familiar with the service. In its March 31, 2014 earning release, eBay reported that PayPal had 148.4 million active registered payment accounts, and Raddon recently revealed that almost 65% of all consumers report having a PayPal account.

From a technology standpoint, the project was fairly easy and took about 30 to 45 days to implement, the credit union said. In January 2015, UNCLE Credit Union went live with Send Money.

"I look at it like a Swiss army knife," Fisher explained. "It's one more blade or tool that we've put on it to let the member access their money how they want."

UNCLE Credit Union's real challenges were internal – they involved ensuring the credit union was in compliance and that all the disclosures were in place.

"Once you get that worked out, the technology falls into place," Fisher added.

While UNCLE Credit Union is willing to take some risks on the member-facing side, it's more conservative on the back-end, especially when it comes to security.

"We do place limits on how much money you can transfer," Fisher revealed. "We watch it closely." The credit union also implemented a layered multifactor authentication, as prescribed by NCUA guidance.

In addition, Send Money uses a one-time password that is either emailed or texted to the member. The credit union also utilizes an early fraud detection system to pinpoint unusual activity on member accounts.

One of the biggest conversations at UNCLE Credit Union prior to its Send Money implementation was on foreign transaction compliance.

"By being partnered with PayPal, we are giving the money to PayPal, so they are sending the money and doing that foreign transaction check," Fisher explained. "But, we still have to do our due diligence."

In the coming year, the credit union plans to continue investing in technology focused on giving members greater flexibility in how they manage their money. This includes signing up for Apple Pay, Fisher said.

"I am all about being able to offer all the mobile services," he added. "You really shouldn't have to go to online banking to set up a payee, but then go to mobile to actually do a transaction."

Currently, the credit union is working on bringing more and more online banking tools to the mobile environment, ensuring it stays compatible with smartphones, tablets, Android and iOS. It is also keeping an eye on Windows and the Apple Watch.

"It is really about the technology that is with the person and [how they want] to interact with the institution, that is what we are focused on," Fisher expressed. "Having that member being able to do anything, anywhere is what it is all about."