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CUs Staying on Top of Cutting-edge Technology
Friday, April 4, 2014 7:00 AM

Mobile banking has a big influence on which financial institution a consumer chooses, and according to new findings from GOBankingRates.com, a majority of the largest U.S. credit unions offer the same mobile features as their banking counterparts. 

The personal finance site, GOBankingRates, recently investigated the top 50 credit unions by asset size, according to Bauer Financial, to determine if credit unions are staying on top of cutting-edge technology, and it seems they in fact are. 

Each institution was surveyed to confirm whether it had the most popular mobile credit union features. The results: American Airlines CU in Fort Worth Texas; Randolph-Brooks FCU in Universal City, Texas; San Antonio FCU in San Antonio, Texas; Security Service FCU in San Antonio, Texas, and Tinker FCU in Oklahoma City, Okla. all offer what members care about the most:

  • Balance inquiries
  • ATM/branch locator
  • Money transfers
  • Remote check deposit (through the credit union’s primary app, or a supplemental app)
  • Account activity alerts (whether through an in-app alert, text message or email)

"Members expect to connect with their financial institution anytime and anywhere. They want to be able to access their money when it's convenient to them and through the channels that are most convenient to them," Sonya McDonald, vice president of planning and market development at Randolph-Brooks FCU, told GOBankingRates.

It was last year that Tinker FCU added the home branch mobile check deposit feature, and Senior Vice President of Marketing Matt Straton tells the Leaguer that its members are widely embracing the feature.

“Our members are located all over the country and abroad, so it’s essential that we give them the tools they need to manage their money,” Straton tells Leaguer readers. “We’re seeing mobile checks being deposited coast-to-coast and oversees. In March alone, there were 16,000 deposits made using home branch mobile check deposit.”

Highlights from a GoBankingRates survey of which mobile banking features consumers want most:

  • The ability make balance inquiries is the most-used mobile-banking feature with 36 percent of respondents choosing this service as their most frequently used feature.
  • An ATM/branch locator is the next most widely used mobile banking feature with 19 percent of survey participants — likely a result of users needing to withdraw cash.
  • The ability to make money transfers came in third place with 14 percent of votes overall, and 22 percent of 18-to-24-year-olds.