Star One Credit Union had a problem: its 86,000 members were still by and large mailing in paper-based checks. What they wanted was a mobile option that would integrate with the core system but still allow customization so they could get members switched to mobile banking.
The credit union's longtime major sponsor is Lockheed Martin (News - Alert), so they have members around the globe who were all comfortable mailing in paper-based checks. You can imagine the time spent fielding phone calls asking, “Has it come yet? Has it been credited yet?”
According to a recent case study in industry journal Bank Technology News, Margarete Mucker, Star One's vice president of remote services, wanted to go mobile to let the credit union provide more ambitious and attractive offerings – for instance, mobile remote deposit capture, which would get rid of a lot of phone calls from anxious members.
While mobile banking offers much better customer service, according to an Aite Group impact note cited in the BTN case study, “a majority of credit unions surveyed – six in 10 – had yet to offer mobile banking to members.”
Star One decided to give its mobile business to Tyfone because, as Mucker said, Tyfone was more willing than most to “customize programming to match the institution's desires for specific mobile banking features, and do it cost-effectively.”
Tyfone likes the sector. In July TMCnet reported that Tyfone announced that CoVantage Credit Union, serving 17 counties in Wisconsin and Michigan, has picked Tyfone to deliver next generation mobile wallet services.
CoVantage selected Tyfone’s mobile wallet services including Symitar Episys core integrated mobile banking, enhanced strong ID authentication mobile security and NFC contactless payment technology, to better serve its members with their every day mobile financial service needs.
Such services for Star One are slated to include an improved "Rate Watch" mobile alerts service, which sends changes to the credit union's interest and savings rates to members, the BTN case study says, adding that existing members will also be able to open sub-savings, checking and certificate accounts via their smart phones.
But they’ll start with the basics, such as balance viewing, funds transfer between checking and savings, member-to-member transfers, ATM/branch location, and transaction histories via mobile Web, apps and text.
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Edited by Rich Steeves