University Federal Credit Union Registers 20,000th Member for Mobile Banking, Reaches 25 Percent Adoption in Nine Months
SAN FRANCISCO, July 11, 2012 /PRNewswire/ — mFoundry, North America’s largest mobile banking and payments provider, today announced University Federal Credit Union (UFCU) has registered its 20,000th member for mobile banking, achieving 25% adoption in the first nine months.
UFCU is also experiencing strong adoption for its mobile deposit offering, an integrated component to its mobile banking applications, processing more than $2MM in mobile deposits per month. Due to the popularity of mobile deposit, UFCU will make mobile its primary remote deposit solution for consumers starting this July.
“Any bank or credit union can achieve similar or greater adoption results for mobile banking,” said Bryan Mishkin, Senior Manager of eServices, University Federal Credit Union. “If a financial institution has a great mobile solution people want to use, offers intuitive mobile enrollment, uses cross-channel marketing dedicated to mobile conversion, and operates mobile as an independent channel, they too will exceed 20% adoption in the first twelve months.”
Mishkin leads the credit union’s electronic delivery strategies across mobile and online, and maintains that these four factors are essential to maximizing mobile banking adoption post-launch.
“If you read the news about mobile banking adoption, you’d think it’s a miracle that University has achieved 25 percent adoption in nine months,” said Drew Sievers, Co-Founder and CEO of mFoundry. “A recent white paper, suggested the existence of a ‘glass ceiling’ for mobile banking adoption – basically saying banks should expect adoption to slow down at 20 percent, once the early adopters have signed up. As UFCU shows, this doesn’t have to be the case.”
When asked if UFCU believes there is a ‘glass ceiling’ for mobile banking adoption, Mishkin simply said, “If you’re using a great mobile banking product that users love, you’re not going to have a problem with adoption. If you deliver a product that is hard to use and falls short of user expectations, than yes, you’re going to see a slowdown once your early adopters have enrolled. Fortunately for us, our users love mFoundry’s product.”
“What’s most interesting about our adoption numbers so far, is we’re not just seeing early adopters enroll in mobile,” adds Mishkin. “We’ve seen adoption of Mobile Deposit across all demographics. Mobile deposit has also been a huge boost for mobile banking adoption – many of our members have told me they enrolled in mobile banking for that feature alone and our staff has shared numerous stories of how mobile deposit has made members’ lives easier. There is no question that mobile banking is one of the most valuable tools we have at our disposal for growing and maintaining our membership long-term.”
To learn more about the best practices UFCU has leveraged to drive adoption for its mobile banking solution, please plan to attend mFoundry’s webinar with Bryan Mishkin, July 23, 2PM EDT. To reserve your spot, please visit: https://www3.gotomeeting.com/register/915173302.
For more information on UFCU’s mobile banking and mobile deposit offerings, please visit the credit union’s website here: http://www.ufcu.org.
About University Federal Credit Union
With assets exceeding $1.5 billion, UFCU is Austin’s largest locally owned financial institution and serves over 146,000 members in the Austin and Galveston areas. UFCU provides a variety of products, services and education programs to meet your needs through all phases of your life. To learn more about UFCU’s products and services, including low rate auto loans, visit www.ufcu.org.
mFoundry is North America’s largest provider of mobile banking and payments solutions, currently the choice of nearly 700 banks and credit unions nationwide. mFoundry’s mBanking solution is the leading software-as-a-service (SaaS), cloud-based mobile banking offering in the market today, used by nearly 10MM consumers. mFoundry’s banking customers include 1/3 of the top 50 U.S. financial institutions, including Bank of America, Key Bank, PNC Bank and Zions Bancorporation.
In addition to its mobile banking experience, mFoundry has established itself as a leader in mobile payments, best known for its work with retailers like Starbucks Coffee Company. mFoundry developed and manages Starbucks Card Mobile, the most successful mobile payments program to date, currently processing more than 3 million transactions a month across more than 6,800 locations.
mFoundry was founded in 2004 by Drew Sievers and Rodney Aiglstorfer. The company is headquartered in Larkspur, California, with additional offices in downtown San Francisco. For more information on mFoundry, please visit http://www.mfoundry.com.