Insight credit union mobile banking -
|Founded||July 1995; 26 years ago (1995-07)|
|Defunct||January 10, 2014; 7 years ago (2014-01-10)|
|Fate||Acquired by NCR Corporation|
|Headquarters||Redwood City, California|
Digital Insight was a provider of online banking software to banks and credit unions. It also designed FinanceWorks, a product that allowed customers to manage their finances. In 2014, the company was acquired by and folded into NCR Corporation.
The company was founded in July 1995 by Paul Fiore and Daniel Jacoby.
In February 1996, the company raised $1.1 million in seed money from the founders' former employer, XP Systems, and received its first client, Community Credit Union, of Plano, Texas.
The company had $85,000 in revenue in its first six months. Revenue jumped to $1.5 million in 1996 and to $4.1 million in 1997, and to $8.2 million in 1998.
In April 1997, the company raised $6 million from Menlo Ventures.
In September 1997, the company acquired RJE Internet Services, a developer of bank websites.
In March 1998, the company raised $3 million from Menlo Ventures and $5 million from HarbourVest Partners.
In October 1998, John Dorman became CEO of the company.
On October 1, 1999, during the dot-com bubble, the company became a public company via an initial public offering. After pricing at $15 per share, the stock rose to $32 per share on its first day of trading, up 114%.
In February 2000, the company acquired nFront.
In April 2000, the company acquired 1View Network.
In July 2000, the company acquired AnyTime Access for $140 million.
In February 2002, the company acquired Virtual FinancialServices for $51 million.
In October 2003, the company acquired Magnet Communications for $33.5 million in cash and 1.45 million shares of Digital Insight common stock.
Also in October 2003, Jeffrey Stiefler was named CEO of the company.
On February 7, 2007, Intuit acquired the company for $1.35 billion.
In October 2008, the company introduced the consumer version of FinanceWorks and in December 2008, the small business version was launched.
In September 2013, John O’Malley was named CEO of the company.
On August 1, 2013 Thoma Bravo acquired Intuit Financial Services for $1.025 billion.
On January 10, 2014, NCR Corporation acquired the company for $1.65 billion.
In 2015, the company integrated EyeVerify's eye vein recognition technology, called Eyeprint ID, into its mobile banking platforms.
- ^Smith, Leo (December 17, 1996). "Internet Services Provider Digital Insight Takes Aim at Banks". Los Angeles Times.
- ^ abHovey, Juan (January 20, 1999). "Partners Looked for (and Found) Capital in Right Places". Los Angeles Times.
- ^MURPHY, BARBARA (April 8, 1997). "Digital Insight Will Receive $6 Million in Funding for Internet Banking". Los Angeles Times.
- ^MURPHY, BARBARA (September 16, 1997). "Digital Insight Acquires Bank Web Site Developer". Los Angeles Times.
- ^MURPHY, BARBARA (March 10, 1998). "Digital Insight Gets Funds for Home Banking". Los Angeles Times.
- ^Wilkinson, Carlton (October 1, 1999). "weekend10-01-99". TheStreet.com.
- ^Nerney, Chris (November 1, 1999). "Soaring Internet IPOs Lit Up October Sky". QuinStreet.
- ^"Digital Insight exec racking up excitement". American City Business Journals. February 21, 2000.
- ^"DIGITAL INSIGHT TO ACQUIRE 1VIEW NETWORK". The New York Times. Bridge News. April 11, 2000.
- ^"Digital Insight finalizes acquisition of AnyTime Access". American City Business Journals. July 31, 2000.
- ^"Digital Insight Agrees to Acquire AnyTime Access for $140 Million". The Wall Street Journal. March 31, 2000.
- ^Bruno, Mark (February 1, 2002). "VIFI Sells Out for $51 Million, Only $3.75 Million in Cash". American Banker.
- ^"Digital Insight to buy Magnet Communications". American City Business Journals. October 23, 2003.
- ^"Intuit Completes Acquisition of Digital Insight" (Press release). Business Wire. February 7, 2007.
- ^Fest, Glen (October 1, 2008). "Intuit Launches FinanceWorks out of Pilot Phase". American Banker.
- ^"Optimize your budget". CNN. October 28, 2008.
- ^"Digital Insight Names John O'Malley as New CEO" (Press release). Business Wire. September 23, 2013.
- ^"Thoma Bravo Completes Acquisition of Intuit Financial Services; Newly Launched as Digital Insight" (Press release). Business Wire. August 1, 2013.
- ^"NCR Completes Acquisition of Digital Insight" (Press release). Business Wire. January 10, 2014.
- ^Todd, Sarah (January 10, 2014). "NCR Closes Digital Insight Deal". American Banker.
- ^Passy, Jacob (February 12, 2015). "Digital Insight, EyeVerify to Offer Eye Vein-Based Security for Mobile Apps". American Banker.
Use Your DCCU Credit Card to Maximize Your Travel Experience
Whether you are getting ready to go on the adventure of a lifetime or traveling to visit family out of town, we want you to feel confident when you travel. Take advantage of the travel-related benefits and protection DCCU credit cards offer, including:
Travel Accident & Baggage Delay Insurance
Immediate family members receive automatic travel insurance when the entire cost of fare was paid with your Mastercard. The Insured Person(s) will be reimbursed up to the Daily Benefit Amount of $100 per day for three (3) days in the event of a Baggage Delay.1
Master Rental Insurance®
Renting a vehicle? We've got you covered. When renting a vehicle for fifteen (15) consecutive days or less with your DCCU credit card, you are covered. Provides reimbursement for physical damage to or theft of a rental vehicle.1
ID Theft Protection
Stay protected with DCCU. Receive help with notifications and legal guidance in the event of ID theft.1
MC Global Service
Provides assistance with lost and stolen card reporting, emergency card replacement, emergency cash advance, as well as assistance with locating ATMs.
You will not be responsible for purchases you did not make. Card members will not be held liable if their card is used for purchases without their permission. Some conditions and exceptions apply, visit mastercard.us/zero-liability for full details.
Travel with peace of mind by adding a Travel Note to your credit card before you leave. Using the Mobile App or Online Banking, select your travel dates as well as your destination and DCCU will alert you of any potential fraudulent charges or suspicious activity while you’re away.
Learn more at: https://www.mydccu.com/banking/travel
This article is for general information only and not intended to provide specific advice or recommendations for any individual. 1 Certain restrictions apply. For details, see the Guide to Benefits that is available for download on the travel page.
Mobile Remote Deposit Services Agreement
Mobile Deposit is designed to allow you to make deposits of original checks in your possession and made payable to you ("original checks") to your accounts from home or other remote locations by electronically capturing the original checks and delivering the digital images and associated deposit information from those checks ("images") to us or our processor with your Mobile Device. After you login to Mobile App, you may apply for Mobile Deposit.
Eligible items. You agree to only electronically capture and deposit checks ( i.e. , drafts drawn on a credit union, savings and loan or bank and payable on demand).
You agree that you will not use Mobile Deposit to deposit:
- Checks initially payable to any person or entity other than you or payable to you and another payee who is not a joint owner of the account into which the deposit is being made (i.e., no checks initially payable to another party and then endorsed to you).
- Checks that contain evidence of alteration, or that you know or suspect, or should know or suspect, are fraudulent or otherwise not authorized by the owner of the account on which the check is drawn.
- Substitute Checks
- Checks stamped with a "non-negotiable" watermark.
- Checks issued by a financial institution in a foreign country.
- Any check that is incomplete.
- Any check that is "stale-dated" (greater than 6 months old) or "post-dated" (dated after the current date).
Requirements. To utilize the service, a mobile phone enabled with a camera and browser access is required. Members are required to have a checking account to utilize the service. Each image must provide all information on the front and back of the original check at the time presented to you by the drawer, including, but not limited to, information about the drawer and the paying bank that is preprinted on the original check, MICR/encoding information, signature(s), any required identification written on the front of the original check and any endorsements applied to the back of the original check. The image quality must meet the standards established by the American National Standards Institute, the Board of Governors of the Federal Reserve, and any other regulatory agency, clearing house or association.
Endorsements must be made on the back of the share draft or check. Your endorsement must include your signature, and "FOR MOBILE DEPOSIT TO CENTRAL ONE". If there is a checkbox and “For Mobile Deposit” language preprinted on the back of the check, you may check that box, but you must also write “For Mobile Deposit to Central One”. Any loss we incur from a delay or processing error resulting from an irregular endorsement or other markings by you will be your responsibility.
If the check is payable to you or your joint owner, the payee listed on the check must endorse it. If the check is made payable to you and your joint owner, both of you must endorse the check.
Receipt of Deposit. All images processed for deposit through Mobile Deposit will be treated as "deposits" under your current Membership and Account Agreement with us and will be subject to all terms of the Membership and Account Agreement and monetary transactional limits. When we receive an image, we will confirm receipt with a confirmation number within the application. We shall not be deemed to have received the image for deposit until we have confirmed receipt to you. Confirmation does not mean that the image contains no errors. We are not responsible for any image that we do not receive.
Following receipt, we may process the image by preparing a "substitute check" or clearing the item as an image.
We reserve the right, at our sole and absolute discretion, to reject any image for remote deposit into your account. We will notify you of rejected images.
All Electronic Banking transaction requests received after 3:00 p.m. on business days and all transactions which are requested on Saturdays, Sundays or holidays will be processed on the next business day.
Original checks. After you receive your confirmation within the application that we have received an image, you must securely store (such as in a locked drawer or safe) the original check for 30 days after transmission to us and make the original check accessible to us at our request. Upon our request from time to time, you will deliver to us within 10 business days, at your expense, the requested original check in your possession. If the original check is not provided in a timely manner, such amount will be reversed from your account. Promptly after such period expires, you must destroy the original check by first marking it "VOID" and then destroying it by cross-cut shredding or another commercially acceptable means of destruction. After destruction of an original check, the image will be the sole evidence of the original check. Images will retained by us for research for a period of time not less than 7 years.
You agree that you will never re-present the original check. You understand that you are responsible if anyone is asked to make a payment based on an original check that has already been paid.
Returned Deposits. Any credit to your account for checks deposited using Mobile Deposit is provisional. If original checks deposited through Mobile Deposit are dishonored, rejected or otherwise returned unpaid by the drawee bank, or are rejected or returned by a clearing agent or collecting bank, for any reason, including, but not limited to, issues relating to the quality of the image, you agree that an original check will not be returned to you, but that we may charge back the amount of the original check and provide you with an image of the original check, a paper reproduction of the original check or a substitute check. At our discretion, returned items may be re-deposited for processing at which time a returned item fee will be applied to your account per item. Please refer to the fee schedule for details. You will reimburse us for all loss, cost, damage or expense caused by or relating to the processing of the returned item. Without our approval, you shall not attempt to deposit or otherwise negotiate an original check if it has been charged back to you.
We may debit any of your accounts to obtain payment for any item that has been rejected or returned, for any adjustment related to such item or for any warranty claim related to such item, whether or not the rejection, return, adjustment or warranty claim was made timely.
Your Warranties. You make the following warranties and representations with respect to each image:
- Each image is a true and accurate rendition of the front and back of the original check, without any alteration, and the drawer of the check has no defense against payment of the check.
- The amount, payee(s), signature(s), date, MICR line, and endorsement(s) on the image and on the original check are legible, genuine, and accurate.
- You will not deposit or otherwise endorse to a third party the original check and no person will receive a transfer, presentment, or return of, or otherwise be charged for, the original check or a paper or electronic representation of the original check such that the person will be asked to make payment based on an original check that has already been paid.
- There are no other duplicate images of the original check.
- The original check was authorized by the drawer in the amount stated on the original check and to the payee(s) stated on the original check.
- You are authorized to enforce each check transmitted or to obtain payment of each check on behalf of a person entitled to enforce such transmitted check.
- You have possession of the original check, and no party will submit the original check for payment.
With respect to each image, you make to us all representations and warranties that we make or are deemed to make to any party pursuant to law, regulation or clearinghouse rule. You agree that files and images transmitted to us will contain no viruses or any other disabling features that may have an adverse impact on our network, data, or related systems.
Compliance with Law. You agree to use the products and Service for lawful purposes and in compliance with all applicable laws, rules and regulations, as well as all laws pertaining to the conduct of your business if applicable. You warrant that you will only transmit acceptable items for deposit and have handled the original items in accordance with applicable laws, rules and regulations. You promise to indemnify and hold us harmless from any damages, liabilities, costs, expenses (including attorneys' fees) or other harm arising out of any violation thereof. This indemnity will survive termination of your Account and this Agreement.
Mobile Deposit Unavailability. Mobile Deposit may be unavailable temporarily due to system maintenance or technical difficulties, including those of the Internet service provider, cellular service provider and Internet software. In the event that Mobile Deposit is unavailable, you may deposit original checks at our branches or through our ATMs or by mailing the original check to: Central One Federal Credit Union, 714 Main Street, Shrewsbury, MA 01545, Attn: Electronic Services.
Funds Availability. For purposes of funds availability, Mobile Deposits are not processed real-time. Once a Mobile Deposit has been posted to your account, it will be visible in your transaction history. Funds may be made available within 1(one) Federal Business Day, however, longer holds may apply based on length of membership, account type, check negotiability and account status.
Business Days. Our business days are Monday – Friday 7 a.m.-6 p.m., except holidays.
Mobile Deposit Security. You will complete each deposit promptly. If you are unable to complete your deposit promptly, you will ensure that your mobile device remains securely in your possession until the deposit has been completed. It is your responsibility to establish and maintain procedures to safeguard against unauthorized deposits. You will notify us immediately by telephone to 1-800-527-1017 if you learn of any loss or theft of original checks or any sort of security breach. You will ensure the safety and integrity of original checks from the time of receipt until the time of destruction. If warranted in our reasonable judgment, we may audit and monitor you, and you agree to cooperate with us to permit such monitoring, to confirm that you have satisfied your obligations under this Agreement.
Your Responsibility. You are solely responsible for the quality, completeness, accuracy, validity and integrity of the image. You are solely responsible if you, intentionally or unintentionally, submit fraudulent, incorrect or illegible images to us or if Mobile Deposit is used, by authorized or unauthorized persons, to submit fraudulent, unauthorized, inaccurate, incorrect or otherwise improper or unusable images to us.
In addition you agree that you will not modify, change, alter, translate, create derivative works from, reverse engineer, disassemble or decompile the technology or service, copy or reproduce all or any part of the technology or Service; or interfere, or attempt to interfere, with the technology or Service. We and our technology partners, inclusive of, but not limited to Digital Insight and Vertifi Software, LLC, retain all rights, title and interests in and to the services, software and development made available to you.
Unless you notify Central One Federal Credit Union of any error to deposits made within 60 days after the applicable account statement is mailed or otherwise provided, such statement regarding all deposits made shall be deemed to be correct. To report a problem, contact Member Support at 1-800-527-1017 or via email at [email protected] Please do not include any personal information (i.e. account numbers) in your email.
If the report is made orally, we may require that you send the complaint or question in writing within 10 business days. We will notify you with the results of the investigation within 10 calendar days and will correct any error promptly. If more time is needed, however, we may take up to 45 days to investigate your complaint or question. If this occurs, we will provisionally recredit your account within 10 calendar days after we hear from you for the amount you think is in error. This will allow you to use the money during the time it takes us to complete our investigation.
If we determine that no error occurred, we will send you a written explanation within three business days after the investigation is complete (any provisional credit(s) will be reversed from your account(s)). You may request copies of the documents that were used in the investigation.
In addition, you agree that you will not (i) modify, change, alter, translate, create derivative works from, reverse engineer, disassemble or decompile the technology or Service, (ii) copy or reproduce all or any part of the technology or Service; or (iii) interfere, or attempt to interfere, with the technology or Service.
Withdrawal of Access/Suspension of Service: Central One Federal Credit Union reserves the right to deny, suspend or revoke access to the Mobile Deposit services immediately, in whole or in part, in its sole discretion, without notice, if Central One believes you are in breach of this Agreement or are otherwise using or accessing the services inconsistent with the terms and conditions hereof. Further, Central One or its subcontractor shall have the right to suspend the Service immediately (a) in the event of an emergency or in the event of risk beyond reasonable control, (b) if Central One is uncertain as to the accuracy of any check, or (c) Central One determines in its sole discretion that your financial condition renders your use of the Services no longer advisable.
Accountholder's Indemnification Obligation. You understand and agree that you are required to indemnify us and hold us harmless against any and all claims, actions, damages, liabilities, costs, and expenses, including reasonable attorneys' fees and expenses arising from your use of the Services and/or breach of this Disclosure and Agreement. You understand and agree that this paragraph shall survive the termination of this Agreement.
You understand and agree that you are required to indemnify our technology partners, including but not limited to Digital Insight (DI) and Vertifi Software, LLC (Vertifi), and hold harmless Digital Insight, its affiliates, officers, employees and agents, as well as Vertifi, its affiliates, officers, employees, and agents, from and against any third party claims, suits, proceedings, actions or demands, including to claims of another financial institution, business entity or governmental authority, and all losses, liabilities, damages, fines, penalties, costs and expenses, including court costs and reasonable attorney fees and expenses, arising from such claims, to the extent such claim is related to FI or End User's use of the Services, Vertifi or Digital Insight Applications, unless such claim directly results from an action or omission made by Digital Insight or Vertifi in bad faith. You understand and agree that this paragraph shall survive the termination of this Agreement.
DISCLAIMER OF WARRANTIES. YOU AGREE THAT YOUR USE OF ANY REMOTE BANKING SERVICE AND ALL INFORMATION AND CONTENT (INCLUDING THAT OF THIRD PARTIES) IS AT YOUR RISK AND IS PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS. WE DISCLAIM ALL WARRANTIES OF ANY KIND AS TO THE USE OF ANY REMOTE BANKING SERVICE, WHETHER EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT. WE MAKE NO WARRANTY THAT ANY REMOTE BANKING SERVICE WILL MEET YOUR REQUIREMENTS OR WILL BE UNINTERRUPTED, TIMELY, SECURE, OR ERROR-FREE. WE MAKE NO WARRANTY THAT THE RESULTS THAT MAY BE OBTAINED WILL BE ACCURATE OR RELIABLE OR THAT ANY ERRORS IN ANY REMOTE BANKING SERVICE OR TECHNOLOGY WILL BE CORRECTED.
LIMITATION OF LIABILITY. YOU AGREE THAT WE WILL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL OR EXEMPLARY DAMAGES, INCLUDING, BUT NOT LIMITED TO, DAMAGES FOR LOSS OF PROFITS, GOODWILL, USE, DATA OR OTHER LOSSES INCURRED BY YOU OR ANY THIRD PARTY ARISING FROM OR RELATED TO THE USE OF, INABILITY TO USE, OR THE TERMINATION OF THE USE OF ANY REMOTE BANKING SERVICE, REGARDLESS OF THE FORM OF ACTION OR CLAIM (WHETHER CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE), EVEN IF WE HAVE BEEN INFORMED OF THE POSSIBILITY THEREOF, EXCEPT AS OTHERWISE REQUIRED BY LAW.
Financial Information. You must inform us immediately of any material change in your financial circumstances or in any of the information provided in your Application for any Remote Banking services. You agree to provide us any financial information we reasonably request during the term of this Agreement. You authorize us to review your account relationship(s) from time to time.
Insight Credit Union Mobile Ba1.4
A D V E R T I S E M E N T
Insight Credit Union is now right at your fingertips! Use your Android phone to easily and securely maintain your account with our Mobile Banking app.
• Mobile Banking – See account balances, transaction history and even transfer money between accounts!
• Find Us – Locate your nearest Insight Branch, ATMs and more!
• Check our current deposit, loan and mortgage rates.
• Contact Us – Get phone, email, fax and mailing information.
• Connect with us through Facebook!
Insight Mobile Banking is FREE and Secure. Security includes the latest in SSL encryption and is backed by Insight Online secure sign-on.
About Insight Credit Union Mobile Ba
Insight Credit Union Mobile Ba is a free app for Android published in the Other list of apps, part of Business.
The company that develops Insight Credit Union Mobile Ba is Insight Credit Union. The latest version released by its developer is 1.4. This app was rated by 1 users of our site and has an average rating of 5.0.
To install Insight Credit Union Mobile Ba on your Android device, just click the green Continue To App button above to start the installation process. The app is listed on our website since 2014-10-17 and was downloaded 10 times. We have already checked if the download link is safe, however for your own protection we recommend that you scan the downloaded app with your antivirus. If your antivirus detects the Insight Credit Union Mobile Ba as malware or if the download link for Fi_Mobile.Insight is broken, use the contact page to email us.
How to install Insight Credit Union Mobile Ba on your Android device:
- Click on the Continue To App button on our website. This will redirect you to Google Play.
- Once the Insight Credit Union Mobile Ba is shown in the Google Play listing of your Android device, you can start its download and installation. Tap on the Install button located below the search bar and to the right of the app icon.
- A pop-up window with the permissions required by Insight Credit Union Mobile Ba will be shown. Click on Accept to continue the process.
- Insight Credit Union Mobile Ba will be downloaded onto your device, displaying a progress. Once the download completes, the installation will start and you'll get a notification after the installation is finished.
|File size||1.36 MB|
Here you can find the changelog of Insight Credit Union Mobile Ba since it was posted on our website on 2014-03-05. The latest version is 1.4 and it was updated on soft112.com on 2019-09-16. See below the changes in each version:
posted on 2014-10-17
posted on 2012-09-07
Several fixes and updates
Continue to Insight Credit Union Mobile Ba
A D V E R T I S E M E N T
Digital Insight partners with Mobile Money Ventures for mobile banking
Digital Insight, the financial institutions division of Intuit Inc., is teaming up with Mobile Money Ventures, a global mobile financial services provider, to make mobile services more broadly available to financial institutions.
In today’s strained economy, Americans are looking to their bank or credit union for help managing their finances. Digital Insight is working with MMV to expand its mobile capabilities to help financial institutions put more information in the hands of their customer, no matter where they are.
“This is a strategic relationship with Digital Insight, so now we’ll be the preferred partner for providing all of their mobile banking solutions—Digital Insight mobile banking powered by MMV,” said Natalie Jo, senior vice president of marketing and customer experience at Mobile Money Ventures, San Francisco. “MMV was selected due to our financial services expertise, and having the heritage of Citi really helps that.
“In addition, the other side of our heritage is the mobile technology we were able to leverage for this opportunity, and combining the two put us at a competitive advantage,” she said. “As important as mobile banking is, we have an innovative roadmap for a thoughtful mobile strategy.
“We’re looking forward to be able to reach as many of Digital Insight’s customers as we can.”
Digital Insight is an outsourced provider of online banking services to mid-market banks and credit unions in the United States.
The company’s portfolio of on-demand applications includes consumer and business Internet banking, online lending, electronic bill payment and presentment, Web site development and hosting, as well as marketing programs designed to help increase online banking end user growth.
Mobile Money Ventures LLC is a global service provider specializing in mobile financial services applications. MMV is FI- and carrier-agnostic.
A joint venture of Citi and SK Telecom, MMV delivers a mobile banking platform designed to help financial institutions, carriers and other partners reduce time to market, leverage new growth opportunities and enhance customer loyalty.
MMV has deployed mobile products worldwide, including banking and stock trading with Citibank Hong Kong.
MMV was named a preferred mobile financial services provider for Digital Insight.
In addition, MMV recently secured $12 million in second-round funding from strategic investors. The additional funding will fuel MMV’s innovation strategy and accelerate its ability to deploy mobile financial services.
With the MMV mobile platform, customers can access their financial information, transfer funds, pay bills, check bank-product rates and locate the nearest ATM or branch from any mobile phone with a Web browser.
Customers can log into their accounts using their Internet banking username and password.
To protect financial information, the platform uses two-factor authentication and 128-bit encryption. In addition, no financial information is ever stored on the mobile device.
MMV has also worked with Citi to launch mobile banking and other financial services in five countries worldwide.
“We just secured B-round funding, so these are really exciting times, and we’re proud to partner with such as key player as Digital Insight,” Ms. Jo said. “One of the benefits that MMV brings to the table is that we understand how important it is to get the fundamentals down such as simple mobile banking features.
“But how do you continue to deliver value?” she said. “Mobile payments, as well as deals and rewards, can accentuate basic mobile banking services.
“We would like to work with Digital Insight to fit in with what they have in mind for their consumers and help them take full advantage of what mobile can bring to the table.”
Knowledge base Where do I go to update my personal information on myInsight?
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Online and Mobile Banking Help Credit Unions Grow Membership
Technology management style predicts online channel success
MADISON, WI – Online banking is a widely adopted, mainstream technology in the credit union space, but some segments of the credit union market have been slower than others to drive consumer adoption and usage of mobile banking. A new Filene Research Institute report, “Online and Mobile Channels: Strategies of High‑Performing Credit Unions,” is Filene’s latest examination of the state of credit unions’ online and mobile banking implementation strategies. This report identifies a segment of credit unions that were able to more successfully drive consumer adoption of both online and mobile banking offerings and ultimately increase membership growth.
The report was written by Ron Shevlin of Aite Group, with a foreword from Dennis Campbell of Harvard Business School and supported by a grant from Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions. Using data from nearly 500 credit unions in the third quarter of 2012, it explores credit unions’ online and mobile strategies by segmenting them into three categories based on the credit unions’ technology management style – Green Belts, Blue Belts and Black Belts. The categories are defined by the following criteria:
- Green Belts – 30 percent of survey respondents:
- Risk averse
- Moderate commitment to digital channels
- Inconsistent coordination of IT with the credit unions’ other initiatives
- Blue Belts – 35 percent of survey respondents:
- Risk neutral
- Strong executive commitment to digital channels
- Moderate coordination between IT and the business
- Black Belts – 36 percent of survey respondents:
- Risk tolerant
- Strong executive commitment to digital channels
- Excellent coordination between IT and the business
The different styles are relevant to how credit unions within each category vary in their results in key measures of growth through digital channels. Credit unions that successfully integrate digital channels are correlated with better membership growth, and credit unions within a category tend to demonstrate similar strategies. For example, Black Belt credit unions are 31 percent more likely than Blue Belts and 75 percent more likely than Green Belts to grow membership more than ten percent. Black Belt credit unions are also much better at driving auto and personal loans through their electronic tools. The report outlines other implications for credit unions, including:
- Black Belt is a team achievement. To reach the highest levels of success and the business results that go with it. requires more than one individual focused on digital channels.
- Cost should not trump other factors. Blue and Green Belts consider the initial cost first when selecting vendors, but for Black Belts, it’s fourth on the list. Best-in-class technology, breadth of technology and ongoing costs all come before it.
- There is still time for mobile — but not much. When it comes to member acceptance of mobile as a banking platform, Black Belt credit unions are tied with their Blue Belt peers with a nine percent member adoption rate. Green Belts have a five percent member adoption rate so while they are behind, there is still time to act on a strategy.
- Be clear about your top digital priorities. Respondents were excited about digital channels, but they didn’t always specify a single reason. Case in point: 76 percent of respondents said that maintaining competitive parity was a major objective of their online banking, but 50 percent said that achieving competitive differentiation was a major objective. The overlap indicates that many credit unions may leave their core digital objectives undefined.
- Follow the leaders. Fully 64% of Black Belt credit unions invested in remote deposit capture in 2011 and 2012, compared with 46% of Green Belts.
The report also finds that nearly half of the credit unions surveyed said they haven’t quantified the impact that online and mobile channels have had on business objectives like achieving competitive differentiation, new member acquisition and cross-selling existing members.
“This research provides insights to assist credit unions in applying their digital channel strategy for years to come,” said Barb Lowman, vice president, Credit Union Solutions, Fiserv. “Credit unions can and should begin looking at online banking and mobile banking as an opportunity for engagement and interaction similar to those offered in a physical location to enhance member experience and increase their own potential for growth.”
To download the full report, visit http://filene.org/research/report/OnlineMobile
The non-profit Filene Research Institute is a consumer finance think tank serving the North American credit union system of $1.3 trillion in assets and more than 100 million members. Filene publishes objective research and fosters consumer-focused financial innovation. The Institute collaborates with leading researchers and academic institutions worldwide.
Fiserv, Inc. (NASDAQ: FISV) is a leading global technology provider serving the financial services industry, driving innovation in payments, processing services, risk and compliance, customer and channel management, and business insights and optimization. For more information, visit www.fiserv.com.