By Ray Birch
ALBANY, N.Y.–Members are simply no longer willing to jump through hoops—in this case, apps–when it comes to using digital channels, according to one CU that has built out a one-stop, self-service channel for members.
CAP COM FCU has partnered with NCR, Worldpay, and MobiMoney to create a “mobile engagement channel” it believes effectively responds to what it is members—and consumers—are demanding and expect.
CAP COM Director of Deposit and Card Operations Graig Furlong explained that by partnering with the three companies—Worldpay is the CU’s card processor—the credit union is now moving to make its mobile channel a “one-stop shop” for its 150,000 members.
“We feel strongly that we don’t want a second or even third app out there members have to use for various functionality we might have or add,” said Furlong. “Members would then be wondering do I go to this app for my account balances, this app for my cards, this app to apply for a loan…We want one mobile touchpoint for them. That’s why we are pulling all of our services we are offer and will offer through mobile into our one mobile app.”
Furlong contends the move will drive high mobile engagement for the credit union with its members.
“We want to create awareness within our membership that they can do anything, 24/7 within our mobile channel,” said Furlong.
Single Sign-On
CAP COM members, with just a touch of a button inside the CU’s mobile app can apply and be approved for a car loan, for example.
“So, just single sign-on, not another app to use and log into…this is much faster, much more convenient and much easier for members to have everything in one spot,” Furlong told CUToday.info. “They don’t have to jump through a lot of hoops.”
The self-service channel also limits the times members have to call the credit union or wait for a member service representative to get back to them.
The new mobile engagement channel also includes card controls—where members can set spending parameters and turn their cards off and on themselves.
Furlong said that card controls are a critical, attractive service members now really want. He reminded that getting members actively involved in the fight against fraud markedly enhances card security.
Card Controls
Introducing card controls in late June without any promotion, CAP COM has 4,000 members now using the service.
“We will do a lot of member education and marketing once we get credit cards added to our card control offering,” said Furlong. “Right now it’s only for debit cards.”
Furlong said that working with NCR, Worldpay, and MobiMoney, CAP COM has seamlessly integrated the credit union’s online and mobile banking systems.
“All of these features exist in a single platform for CAP COM members to self-serve 24 hours a day, seven days a week, when it’s convenient for them, that is where banking is heading,” said Furlong. “I estimate that we have 75% of our members already using our mobile channel, which is a healthy number. So we have to make sure what we offer is the best mobile experience they can get anywhere. I would hope that this new engagement channel drives that participation rate even higher, but bottom line what we are doing is making this channel more valuable to those who are using it.”