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Nashville, Tennessee - Photo Courtesy of Barry Shulam
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January/February 2014 Issue: Front Page > Feature

Let’s Talk About Mobile
Mobile With so many developments occurring in mobile technology, it is sometimes hard to keep up with all the mobile options available to your credit union. Below, VolCorp explains the differences between these mobile platforms to help you choose the best option(s) for your credit union.

  • Mobile Banking: Mobile banking is performing financial activities through the use of a mobile device. Simply put, mobile banking is home banking on your mobile phone. Mobile banking requires a mobile banking platform through your home banking provider or the use of a mobile optimization product in order to be “user friendly” for your member.

  • Mobile App: A mobile app is a software program installed on your smartphone or tablet and usually includes several different features. Mobile apps are downloaded by the member through the Google Play or iTunes store. The mobile app VolCorp currently offers includes such features as quick access to rates, a branch and ATM locator, loan calculators, and mobile access to a member’s account. Through the app, members are able to quickly locate the information they need without having to go to the credit union’s website through the browser on their device.

  • Mobile Website: A mobile website is a mobile friendly version of your credit union’s website. Mobile websites require access through a web browser, while mobile apps require the download of software on the device.

  • Mobile App Optimization: Mobile App optimization technology improves the way members view your online banking screen from their mobile phone. In the event your home banking vendor does not offer a Mobile Banking platform (or should the cost be prohibitive), this technology optimizes your internet banking screen for mobile phones by formatting the screen specifically for mobile viewing. This eliminates the need to zoom in and out on your internet banking screen when viewing account information and making transactions. Further, Mobile App optimization does not require the storage of financial information on the device. Mobile App optimization presents a simple and secure fix to common member frustrations.

  • Mobile Remote Deposit Capture: Mobile remote deposit capture allows members to capture images of their checks on their smartphone or tablet and send these images to their credit union for deposit. Mobile remote deposit capture can be purchased as a standalone product or integrated into the credit union’s mobile app. Members simply type in the amount of their deposit, capture images of the front and back of their checks, and submit the images to their credit union for validation.

  • Mobile Payments and Mobile Wallets: Mobile payment options allow customers to pay for goods and services through their mobile phones. Payments can be made through many different mobile options, such as text messages, e-commerce sites, and mobile phone applications. Another popular mobile payment option is the use of a mobile wallet. Mobile wallets allow users to input their debit or credit card information into their phone. The mobile wallet then uses this account information to pay for purchases, usually requiring a PIN for validation. Google and Amazon both currently offer mobile wallet options. Starbucks also offers a popular mobile wallet application, giving customers the option to simply scan their phone for payment at the register. Mobile payments and mobile wallets offer members further accessibility and payment options as they conduct transactions.

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