5 Credit Unions with Incredible Banking Technology
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- By Jennifer Calonia
- June 5, 2013
Banking technology has practically done away with conventional customer-bank interactions, particularly for those with the technologically savvy to take advantage of the latest online and mobile developments. These innovations are a major draw for younger generations and customers who proudly consider themselves a “techie.”
According to a report called, Digital Trends: Consumer Behavior in Key Financial Sectors by Compete, 57 percent of U.S. smartphone owners use mobile banking features. National banks like Chase and Citibank are major players in the online and mobile banking markets, which cause consumers to flock to big financial institutions for this type of technology. However, non-profit credit unions have also acknowledged Americans’ desire for remote banking.
More and more credit union online banking features are surfacing from financial cooperatives across the nation, giving these institutions the competitive technological edge to rival household bank names. Here are five credit unions that offer the same popular features that consumers have come to expect out of a modern day institution:
#1. Wright-Patt Credit Union
Wright-Patt Credit Union clearly is doing something right with their mobile app. Creating a smartphone app is nothing new these days, but banking apps that garner rave reviews are harder to develop.
The team at Wright-Patt Credit Union recognize how important a fluid and user-friendly app is, and their members surely appreciate their efforts. The WPCU Home Banking app received a 4.5 out of 5 rating on iTunes for the iPhone version from a total of 97 reviews, while the Android version merited a steady 4.5 out of 5 review from 687 users.
Members can use the application to check multiple account balances, initiate transfers and more.
#2. USC Credit Union
In terms of the latest banking technology, credit unions need to keep on pace with mobile remote deposit capture (i.e. the ability to deposit checks using a smartphone’s built-in camera). The Financial Brand reports “25% of all consumers and 48% of mobile bankers say they have used mobile deposit in the past 90 days. Another 15% want it but their financial institution doesn’t offer it.”
With this effortless feature, members no longer have to take time out of their day to visit a physical branch.
#3. TwinStar Credit Union
Collecting borrowed money from friends can be a pain, but the latest credit union technology has made this practice easier to manage. At TwinStar Credit Union, members benefit from peer-to-peer fund transfers, regardless of whether they are non-members. How is this possible? With the help of PayPal, TwinStar Credit Union allows members to send funds to a third party using its mobile app via PayPal; select the account to pull funds from, enter the recipient’s name and email address (or mobile phone number), and choose the type of transfer the transaction classifies as — “friends and family” or commercial — then click send.
While there is a $1 fee applied per transaction, this mobile advancement is a key indicator to the potential credit unions have when it comes to banking technology.
#4. Credit Union ONE
Credit Union ONE is taking online banking technology a step further, by offering greater functionality to the user experience. The soon-to-be released online banking features present an engaging look for consumers, including brand logos for retail account transactions, online bill pay capabilities, and budgeting tools that give depositors a helpful visual of their spending habits.
This all-inclusive financial outlook is very reminiscent of elements from financial planning tool, MINT, except that Credit Union ONE members don’t need to go through a third-party website to gain these banking insights.
#5. IC Federal Credit Union
IC Federal Credit Union, whose website was the winning entry in the 2012 WedAward for Outstanding Achievement in Web Development, has chosen to stay mobile-ready at all fronts — even text messaging.
Members can receive updates on their accounts via SMS, making it even easier to perform a quick balance check before heading out for the weekend. By using shortcodes like “B” for balance and “H” for transaction history, members can receive an instant response with the information they’re looking for. The service itself is free, but standard messaging rates may apply.
The fact that these credit unions and many others in the credit union family are joining the wave of online and mobile banking is promising to loyal members who enjoy the non-profit touch, but desire innovative banking technology.