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Purdue Employees Federal Credit Union (PEFCU) was founded in 1969 by a group of Purdue University employees. The efforts of these dedicated individuals resulted in a membership numbering more than 400 university employees in the first year, and the Indiana-based credit union has gone on to mushroom to over 56,000 members today. With a highly educated and tech savvy membership, PEFCU knows that they have to be market leaders when it comes to technology. Following in their tradition of early adoption of new banking technologies that deliver convenient service to their members, the credit union rolled out mobile banking a few years ago when they implemented the MShift Mobile Banking Solution from Silicon Valley-based MShift.
Bill Arnold, Vice President of Information Technology at PEFCU, put together a team at the credit union to perform market research and obtain pricing proposals from various mobile banking vendors. He recalls that “we wanted a system that was easy to implement for our employees and easy to use for our members, plus it had to be affordable. It is also important to note that we have very high expectations for our vendors when it comes to support.” The credit union was impressed with the fact that MShift was a pioneer of mobile banking – they started in 2000 and have always had a strong presence among credit unions, so the choice was fairly safe and simple.
With many years of experience working with a wide range of technology suppliers, Arnold has heard many promises from vendors during the sales and planning cycle that were far too often not met when implementation time rolled around. That is why MShift’s confident pledge to deliver a fully working and PEFCU-branded mobile banking solution in 30 days raised his eyebrows considerably. Arnold admits that he was stunned when “they came back in 29 days with a completely usable system that only required minor changes!” The configuration was quickly tested by employees and was made available to PEFCU members right away.
Purdue University students and faculty, along with members from the credit union’s 100+ SEGs, quickly adopted mobile banking. In late 2009, PEFCU had over 3800 unique users signed up and those figures were doubling on an annual basis. Arnold confirms that “our senior management team felt that we hit a home run with mobile banking. Not only was it popular with our members, but it is quite affordable for us.” He adds that “we have nowhere to go but up with the mobile channel.”
When it comes to support for minor fixes or enhancements, MShift has managed to maintain the incredible pace that they set during the build-out and implementation phase. According to Arnold, “every time I call them they come back with a positive ‘yes we can’ response, and provide it to us right away. Their development team is incredibly helpful and knowledgeable.” One example of their dedication is the fact that MShift’s highly experienced developers were able to duplicate PEFCU’s ATM/Branch locater system from their online banking website over to the mobile platform and make it look, feel, and work seamlessly. They were also able to put a sophisticated “filter” in place on PEFCU’s website that recognizes when mobile devices are connecting to it and asks the visitor if they would like to be redirected to their mobile website called PEFCU2GO.
In terms of reporting, the IT, Operations and Marketing Departments at the credit union have been thrilled with the robust reporting capabilities that are built in to the platform. With hundreds of financial institution clients around the world, MShift knows the importance of providing excellent reporting and management tools. When other credit unions that are looking to take the mobile banking plunge ask Arnold about working with MShift, he offers this simple recommendation: “in my 23 years of experience in the financial services industry, they are the vendor that I can recommend more than any other.” He concludes that “MShift is one vendor that is always good for their word and we have been hugely happy working with them.”