The digital-banking power couple, mobile and payment, rests on providing a harmonious integrated experience with credit union membership, and keeping the relationship fresh by recognizing trends and introducing innovative functionality.
Delivering mobile banking requires ongoing nurturing that incorporates basic processes as well as regular enhancement and updating.
More frequently these days financial institutions want an integrated stage. Robb Gaynor, chief product officer, of Austin, Texas-based Malauzai explained 75 % of its pipeline consist of deals incorporating internet, mobile, consumer and business into one digital platform. "We used to do just one of those, consumer mobile. Now people are buying all four."
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Last fall Scottsdale, Ariz.-based Early Warning announced its peer-to-peer payments network Zelle Network, which enables participating institutions to send money to anyone with a U.S. credit union or bank account. The $9.1 billion, Mountain View, Calif.-based First Tech Federal Credit Union has played a direct role in Zelle's official advisory council, advocating for credit union values.
First Tech's Director of Cards and Payments, Brian Ziff-Levine, held the real issue when it comes to P2P is ubiquity in user use. "That's why many consumers have turned to solutions like Square Cash or Venmo to send money to one another because it is much easier to use."
"Every partner will do their own implementation of Zelle but the platform itself is universal. Our members will be able to send money to Chase customers, and Chase customers will be able to send money to our customers." Ziff-Levine said.
The Austin, Texas-based Kony announced it helped provide the $1.5 billion, Burbank, Calif.-based Partners Federal Credit Union, which offers cast members (employees) of The Walt Disney Company a differentiated mobile experience and ease of use. The cloud-based Kony Mobility Platform enables Partners to quickly develop and deliver member mobile apps, and accelerate membership adoption and growth. The recently released Kony AppVantage includes a pre-built app for retail banking.
Chris Parker, Partner's chief member service officer and overseer for all channels, sees four prevalent trends: removing friction from the members' experience; making data actionable; offering a unified experience and expanding digital payments, "How to get people to move and manage money from a single platform, that's big."
Mike Terzian, chief marketing officer, at Partners, said, "Digital payments (ApplePay, Android Pay and Samsung Pay) are ready to hit that tipping point. The people that use digital payments are very active. It's extremely integral to what they use."
Partners has about 1,100 active ApplePay accounts, and about 100 each for Samsung Pay and Android Pay.
Read more about mobile and payments in the April 5, 2017 print issue of CU Times.
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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.).
