BY DEIDRE DAVIS
Mobile technology is making banking through the Internet and smart devices as common and easy as ordering a pizza online. And developments in such tech is growing at lightning speed. See what advancements are facilitating on-the-go account access for one credit union. They just might provide inspiration for your CU.
With advances in technology and increasingly hectic schedules, Internet-enabled – or smart – phones are essential resources for many of us. Whether a college student, a working professional or a retiree, it is likely you have considered using or are currently a user of mobile banking. If you can order a pizza, pay your electricity bill and check your home security system all from your phone, you should certainly be able to manage your finances there as well.
The Federal Reserve Board conducts annual surveys to examine trends in the use of mobile banking and how mobile financial services affect an individual’s interaction with his or her financial institution. In the report conducted in 2015, surveys found that 43 percent of mobile phone owners who also had accounts at financial institutions had used mobile banking in the past year. That number had risen from 39 percent in 2014 and is likely to continue to increase.
With what we know about societal trends and with backing from statistics such as those released in the Federal Reserve’s report, we understand the importance of mobile banking to our credit union members. Here at Michigan State University Federal Credit Union (MSUFCU), it is our mission to provide superior service as well as exceptional products and services for all our members. We offer an extensive range of services through our mobile app, which provides convenient account access to members no matter where they are located.
We are here to serve members, meet their financial needs and help them achieve not only financial security but also their dreams. That assistance includes offering convenient, on-the-go access to their accounts. We created our mobile app in 2012, for both iOS and Android devices, and have continuously enhanced this service. More than just having a mobile app, we also sought to design the app in a manner that would make it easy to use and that would provide all the features our members need to effectively manage their finances.