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Credit Unions Becoming More App-ed to Focus on Member Engagement

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By Roy W. Urrico

appWe are all familiar with the catchphrase “there’s an app for that.” What is catching on at an increasing number of credit unions is the creation and customization of their own apps to attract mobile members and assure that mobile applications fulfill the institution’s specific needs. CheckAlt, which helps credit unions differentiate and build a strong mobile app or enhance existing infrastructure with built in remote-deposit capture settings (RDC) and eCheck solutions, is one of the companies that is making it easier for credit unions to adapt to this new trend.

Many credit unions now realize that instead of adapting their institution’s systems to off-the-shelf products, they can build their own application programming interface (API). There Is an App for That: Engaging Members through Tablet and Smartphone Applications, a research brief by the Filene Research Institute, reports that, according to Oracle, more than half of the mobile users it surveyed want to bank on their tablets, smartphones, or both. “This is a huge opportunity for the financial services sector and perhaps specifically for credit unions as they seek cost-effective ways to attract and engage members.” The brief goes on to say “Staying true to their mission—for people, not for profit—credit unions can be trusted partners across a host of financial services. Building effective engagement platforms can extend this trusted partnership beyond branch sites and branch hours to meet members’ needs as they arise 24 hours a day, 7 days a week. Unchained from any physical location, credit unions can be pocket companions moving through space and time, ready with helpful financial advice when members need it most.”

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