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Credit Union Smashes Industry Average for Mobile Adoption in Record Time
San Rafael, Calif. (October 9, 2012) — Monitise plc (LSE: MONI), a leading technology and services company that delivers mobile banking, payments and commerce networks worldwide, today announced Desert Schools Federal Credit Union (DSFCU) reached 30 percent mobile banking adoption in 90 days, setting a new record in rapid adoption.
DSFCU also reports that early adopters of its mobile banking solution are two times more profitable than traditional banking members, and are averaging 46 interactions a month with the mobile banking application.
"The demand among our members for a mobile solution has far exceeded our expectations and offers a lesson to other credit unions - now is the time," said Ron Amstutz, Executive Vice President of Desert Schools Federal Credit Union. "Monitise offers a mobile solution that will allow for future growth and innovation and has played an invaluable part from development, through launch."
Led by Monitise's mobile money platform and adoption services, DSFCU attributes its record-breaking mobile adoption post-launch to delivering a feature rich mobile experience out of the gate, capitalizing on market demand and cross-channel marketing dedicated to mobile conversion. Early adopters of the new channel were primarily from the young-adult and affluent groups. DSFCU reports that these aren't only its most profitable, but the most susceptible to churn - making mobile a critical channel to future growth.
"Winning the mobile engagement of the consumer is essential to the value proposition and strategy of every financial institution," said Carl Tsukahara, Group Head of Marketing at Monitise. "Desert Schools is a prime example of the high demand for mobile banking and payment services among consumers, and that with the right user experience, content, and adoption planning; initial expectations can easily be exceeded."
DSFCU braced for a spike in customer service calls at rollout, but experienced very little support or service issues from members. Since launch, the DSFCU mobile banking app has enjoyed a 4.5 star rating in the app store. The top requested feature from DSFCU members has been for a remote deposit capture (RDC) offering. DSFCU is currently working with Monitise to offer members RDC and plans to rollout the new feature at the end of the month.
For more information on DSFCU's mobile banking and mobile deposit offerings, please visit the credit union's website here: https://www.desertschools.org/templates/detail/detail.aspx?id=6990
Desert Schools is Arizona's largest credit union with $3 billion in assets, 320,000 members and more than 50 locations. As a not-for-profit cooperative, Desert Schools has been serving members for more than 70 years with stellar service, innovative products, community outreach and education. Learn more at www.desertschools.org.
Monitise plc (LSE: MONI) is a leading technology and services company that delivers mobile banking, payments, and commerce networks worldwide. Monitise enables financial institutions and other payments companies to defend and extend their market position by protecting their existing customer relationships and transactions while enabling new forms of mobile commerce revenue.
Monitise powers bank-grade solutions that are delivered on premise, or via cloud services, handling more than a billion transactions and over US$20bn worth of payments and transfers on an annualised basis. Monitise has a global reach and unique set of partners and clients using its completely adaptable platform. More information is available at www.monitise.com.