NavyArmy Federal Credit Union will implement Diebold Inc.’s new mobile banking service to reduce operating costs, generate revenue and help integrate delivery channels.

By deploying Diebold MobiTransact, NavyArmy becomes the first credit union in Corpus Christi, TX, region with a mobile program, improving its ability to compete with banks.

“In our conversations with NavyArmy Federal Credit Union, it is clear that their No. 1 priority is to provide excellent customer service to members,” said Wico van Genderen, vice president of global marketing and product management at Diebold, North Canton, OH. “Mobile banking provides another way for the credit union to stay competitive and engage and interact with members through a 24/7, convenient channel, while realizing operational efficiencies and an enhanced user experience.”

NavyArmy Federal Credit Union was chartered in 1955 as Naval Federal Employees Federal Credit Union. It has grown to become the largest credit union headquartered in the Corpus Christi area, with more than 75,000 members.

Diebold provides integrated self-service delivery and security systems and services.

Multiple touch points
The Diebold mobile banking service provides the opportunity to integrate the credit union’s multiple consumer touch points, delivering a more convenient experience for consumers.

This integration with the mobile channel gives members the capability to securely interact directly with their financial institution at their convenience for such activities as balance transfers, bill pay and locating ATMs and branches.

MobiTransact is a full feature mobile platform that works on both text and browser phones, enabling NavyArmy to provide its members immediate access to their accounts, any time and any place, without requiring an online banking account.

In addition to the MobiTransact service, NavyArmy’s managed service agreement also includes such services as software upgrades, first- and second-line maintenance, cash handling and assistance with regulatory compliance.

Why mobile?
“Today, the mobile channel is giving financial institutions and consumers powerful new ways – convenient, secure, cost-efficient ways – to engage with each other,” Mr. van Genderen said. “The mobile channel is revolutionizing the way financial institutions and consumers are doing business.”

In the United States alone, more than 260 million people are mobile subscribers, according to CTIA – The Wireless Association. Of those subscribers, 80 percent keep their mobile devices with them at all times.

As TowerGroup reports, today more than 70 percent of banking consumers plan to closely monitor their personal accounts – and more than 60 percent want the ability to manage their money 24 hours a day, whatever the delivery channel.

“You can draw a straight line connecting the banking public’s unprecedented access to mobile and its desire for 24/7 money management,” Mr. van Genderen said.

Benefits
Mobile banking has become such a force in the banking community because of the significant benefits it can bring to financial institutions and their customers and members alike.

Effectively implemented mobile programs can provide financial institutions with:
• Decreased costs
• Increased revenues
• Enhanced security and fraud protection.

For customers and members, mobile services can provide empowerment, in the form of:
• On-demand information about their finances
• The ability to manage their finances securely and in real time
• Instant, personalized communication with their financial institution

“Diebold has the unique ability to integrate delivery channels across a financial institution’s entire enterprise by offering a comprehensive suite of mobile services, such as mobile sign-up, card control, account preference setting and out-of-band authentication,” Mr. Gnederen said. “And because it’s universal, Diebold MobiTransact works with any mobile phone, regardless of manufacturer, model, operating system or carrier.

“Additionally, when mobile banking is implemented as a managed service the financial institution is relieved of the responsibility to handle the logistics and technical details, allowing them to focus on key business initiatives, provide optimal customer service, reduce operating costs, generate revenue and help integrate delivery channels,” he said.

Final take
Giselle Tsirulnik is senior editor of Mobile Commerce Daily