Everyone knows that mobile banking has been skyrocketing in popularity the past few years and continues to grow by leaps and bounds, thanks in part to its ability to allow consumers to be able to handle their banking needs wherever and whenever they would like. One progressive credit union – Fort Worth, TX-based EECU – can bear witness to this phenomenon with an amazing success story: they established an initial goal of signing 1500 mobile bankers by the end of the year and actually added 5800 in the first quarter! The $1.1B asset credit union can point to two items that have helped generate this huge success: 1) a creative marketing campaign and 2) a partnership with mobile banking industry leader MShift.
In 2008, EECU started their search for a robust mobile banking system to augment their popular – over 40,000 users – online banking program. John Bock, CIO at EECU, recalls, “We were very thorough in our due diligence and considered numerous vendors. We wanted a vendor that could provide a full range of connectivity options, had an excellent interface to our core system from Symitar, and held a strong position in the marketplace. MShift easily met all of those criteria.” EECU was also able to speak with some MShift credit union references and found that they were all quite pleased with their experience in working with the Silicon Valley-based company.
EECU signed the mobile banking contract in 2009 and went into beta testing with 50 or so staff members. Bock notes, “They were excited about working with mobile banking and MShift.” The IT Department especially appreciated MShift’s ease of integration with Symitar and their years of experience interfacing with various online banking providers. MShift's Redirection Filter technology was instrumental in rapid mobile adoption and saving marketing dollars because EECU did not have to promote a new mobile website address. Instead, MShift's Redirection Filter leverages the already branded URL, EECU.org, and automatically presents the mobile website to mobile devices. Once the system went live, the signups poured in: over 1500 in the first month! According to Bock, “The rollout was very smooth. Calls to our contact center were very few and far between.”
Connie Talmadge, Chief Retail Officer at EECU, and her team can also take a great deal of credit for the tremendous success of the mobile banking program. They designed a very compelling multi-pronged campaign that got the word out via television, print media, website, their 12-branch network and social media. It seems that there was pent-up demand for the convenience of banking by phone, especially the popular iPhone which accounts for 50% of EECU’s mobile bankers. Talmadge explains, “In addition to the quick adoption of our mobile banking services by EECU members we also realized a 51% overall increase in new checking accounts in the three months that our “Bank on the Range” mobile banking campaign ran. The response from our members has been overwhelmingly positive and we were extremely pleased with these results.”
With a formal e-commerce committee in place, EECU continues to make a big push for self service and electronic channel expansion. They have a remote deposit capture (RDC) solution in place for business members and are working with MShift to roll out a mobile RDC option. Bock describes the credit union’s relationship with MShift as “very positive.” He adds, “We enjoy working with their staff because they are excited about their products and highly motivated. We can highly recommend MShift to any of our credit union peers without any hesitation.”