PSCU Financial Services First CUSO to Offer Mobile Banking for Credit Unions

mBanking Designed to Serve Rapidly Growing Demand from On-Line Banking Users, Young Adults

St. Petersburg, FL, Jan. 21, 2009 – PSCU Financial Services is the nation’s first credit union service organization (CUSO) to offer a mobile banking solution for the credit union industry. The cooperative’s high-performance mBanking solution delivers real-time access to balances, transaction history and other information for checking and savings accounts from mobile devices. It also enables users to conduct intrabank fund transfers.  Soon-to-be-released features include access to credit card, bill payment and prepaid card accounts.

“Mobile banking is pivotal for credit unions because it taps into a growing demand from users of mobile devices and boosts member satisfaction and loyalty among all age groups, especially young adults,” said David J. Serlo, President and CEO, PSCU Financial Services. “The user-friendly features of our platform deliver an excellent opportunity for credit unions to attract new members and retain existing online banking users.”

Mobile banking also reduces expenses by reducing Contact Center calls for simple requests like balance inquiries, which make up 40 - 60% of all Contact Center calls. 

Demand for mobile banking services is expected to be rapid. By 2010, about 35 percent of online banking users will also use mobile banking. As many as 100 million U.S. consumers are expected to use mobile banking by 2012.

The cooperative leveraged its long-term partnerships with FSCC, CheckFree, FDR and eFunds to ensure a smooth implementation process. mBanking delivers both  Wireless Application Protocol (WAP) and Applet formats; credit unions can select one format or deploy both to maximize member adoption and usage. Industry leader mFoundry is the vendor for the Applet solution; the WAP solution was developed in-house. PSCU Financial Services provides turnkey support for credit unions and members through its existing award winning 24/7 Contact Center.

The WAP solution uses a mobile phone’s web browser to access mBanking information via the mobile Internet. This solution is structured similar to online banking and provides a comparable user experience. The Applet solution uses an application that is loaded on to the mobile phone’s hardware to access mBanking information via a menu-driven application. Since the software resides on the device, this solution can provide faster response times. 

Credit unions can view a demonstration of the new mBanking solution by visiting www.pscufs.com/mbanking.

PSCU Financial Services

Based in St. Petersburg, Florida, PSCU Financial Services is the nation's largest credit union service organization (CUSO) and serves more than 1,100 financial institutions nationwide. As a non-profit cooperative, the company is owned by more than 600 member credit unions representing over 13 million accounts and subscribers. Its Contact Centers handle more than 14 million inquiries a year.

PSCU Financial Services offers 24/7 member support through four Contact Centers: its Eastern operations center in St. Petersburg, Fla.; a Western operations center based in Phoenix, Ariz.; and two call centers in Detroit, Mich. These Contact Centers perform member servicing and new member acquisition, cross-selling and automated lending solutions as well as support for debit/credit/prepaid cardholders and online bill payment subscribers.

Established in 1977, the company provides a broad array of cost-effective, high quality financial services that include credit, debit, ATM, prepaid, bill payment and contact center solutions. PSCU Financial Services uniquely offers its members a full range of processing options, any combination from full service to in-house pass through processing for credit, debit and ATM transactions. As a leader in the credit union movement, the company offers gateway access to national and regional networks. It also provides full function ATM terminal driving services. For more information, visit PSCU Financial Services’ website at www.pscufs.com.

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