Vons Credit Union announced that for the first time, mobile engagement surpassed internet banking interactions. The credit union utilizes the Austin, Texas-based digital banking provider Malauzai's MalauzaiOne virtual banking solution.
According to Malauzai's data of more than 850,000 digital banking users, mobile engagement has increased by more than 23% annually with internet banking usage growth remaining flat. Further, mobile-only users average 20 mobile logins per month in contrast to internet banking users, who average only eight interactions per month.
Seventy-one percent of the $500 million, El Monte, Calif.-based Vons CU's members are mobile-only users, making them best-in-class among Malauzai's 350-plus customers. Vons CU leverages MalauzaiOne digital banking to offer a mobile-only experience across channels with robust functionality, including member-to-member transfers, picture bill pay, check imaging, remote deposit capture and robust account alerts.
"Since deploying digital banking, our member response has been tremendous," Donna Simpson, EVP/COO for Vons CU, said. "Our members can easily access their accounts, as well as enjoy innovative features and functionality regardless of their location. We have watched the numbers grow in adoption and in usage and engagement across channels. We credit this early success to providing a unified member experience through MalauzaiOne."
According to Malauzai, a MOX boosts customer and member engagement and optimizes the digital channel for the members and customers. On average, a typical bank or credit union has 25% of its end-users being exclusive to the mobile channel. Best-in-class is 45% mobile-only. "That's why we call it 'mobile-only' and not mobile-first, because people use the channel exclusively," Robb Gaynor, chief product officer for Malauzai, explained. Financial institutions that migrate to a true platform can further engage, while significantly driving down overall digital banking costs by 35%.
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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.).
