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Nassau Financial Federal Credit Union draws in new clients via mobile

August 31, 2011

Financial institution Nassau Financial Federal Credit Union is streamlining banking with a set of mobile tools that appeal to tech-savvy consumers. 

Mobile services include a mobile site, applications and an SMS program. The tools are part of the Mobile-24 platform and a product of mobile banking company mFoundry.

“By providing a mobile banking channel, Nassau Financial is in a better position to enhance new member acquisition and retention,” said Regina Esernio, marketing manager at Nassau Financial, Westbury, NY.

“A mobile banking product also enables Nassau Financial to grow and compete for an important consumer demographic – the younger member,” she said.

Nassau Financial is a financial institution based in Westbury, NY that claims to be Long Island, NY’s oldest federally chartered credit union with $368 million in assets.

Secure banking
The app is available on iPhone and Android devices.

Consumers can also access the site by entering on their mobile browser.

Users can also opt-in to receive SMS messages about their accounts or check their account balances and history via the mobile offerings.

Additionally, consumers can transfer money between accounts and pay bills on their handsets.

The mobile site and apps also help consumers  find the nearest Nassau Financial ATM or branch location.

Since launching the services, Nassau Financial claims that they have seen an increase in consumers using at least one mobile offering.

“We believe that the presence of a mobile banking platform is a key determinant in choosing a financial institution,” Ms. Esernio said.

Turn to mobile
Nassau Financial is the latest bank to roll out mobile offerings to its clients.

After seeing a need from consumers, regional banks have hopped on the mobile banking bandwagon to keep up with the competition.

“According to our recent member survey, members indicated that convenience is high on their list of requirements when choosing a financial institution,” Ms. Esernio said.

But in order to keep up with on-the-go consumers, banks need to think about a larger reach than just apps and mobile sites.

For example, Chase recently expanded their small business payment solution, Ink from Chase, to include mobile rewards for consumers who used their accounts (see story).

“We see increased functionality, including person to person transfers, electronic wallets, and cashless payments [in the future] as the mobile channel is developed,” Ms. Esernio said.

Final Take
Lauren Johnson is editorial assistant on Mobile Commerce Daily, New York

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