CO-OP Mobile Software Now Available for Use on Popular Apple iPhone

CO-OP Financial Services Helping Credit Unions Keep Up With Demand for Mobile Banking

RANCHO CUCAMONGA, Calif. (November 4, 2009) – To help credit unions keep pace with rapidly growing member demand for account access via mobile devices, CO-OP Financial Services has added Apple iPhone to the roster of devices that can use CO-OP Mobile banking software.

“Adoption of mobile banking services is essential for credit unions to attract and retain members, especially among the young, tech savvy, high income, upwardly mobile and the underserved,” said Stan Hollen, President/CEO of CO-OP Financial Services. “CO-OP Mobile offers credit unions the perfect way to test and enter the mobile market, quickly, easily and at a low cost.”

Introduced in February, CO-OP Mobile integrates into the CO-OP Next Generation Network (NGN). Members of credit unions participating in NGN can use the CO-OP Mobile application to verify balances, view transaction history and transfer funds between accounts. CO-OP Mobile iPhone support began live testing in mid-October.

The iPhone, an Internet-connected, multimedia smart phone, is a recession-defying success for Apple Inc., with 7.4 million units sold in the third quarter of calendar year 2009 alone, according to the manufacturer. Now, credit union members using iPhones can simply download the “CO-OP” application from the Apple iTunes Store to start performing mobile banking activity.

Credit unions face a huge challenge of providing mobile banking solutions to their members in order to remain competitive with banks. In 2007, only four percent of consumers were using mobile banking, but the number has jumped to 13 percent this year, according to market research performed by CO-OP Financial Services. Yet, with mobile banking technology rapidly evolving, credit unions have been wary of investing heavily in infrastructure that could soon be obsolete.

With CO-OP Mobile, there are no large infrastructure costs for credit unions participating in CO-OP NGN. Should credit unions need to implement NGN, their costs may still be more cost-effective than purchasing a dedicated mobile network, as other products and services from CO-OP Financial Services can be added.

For more information about CO-OP Mobile, please visit www.co-opfs.org, or call 800-782-9042, ext. 7140 and e-mail sales@co-opfs.org.

About CO-OP Financial Services

Based in Rancho Cucamonga, Calif., CO-OP Financial Services is the industry leader in access and convenience products for credit unions. Nearing 30 years of credit union service, CO-OP Financial Services connects credit union members to offerings like their nationwide ATM network, debit processing services, ATM processing and other account-driven access channels such as shared branching, check imaging services and mobile payments. A total of 3,000 credit union members, 26 million cardholders, 28,000 surcharge-free ATMs, 3,700 shared branch locations, plus 160 million-plus monthly transactions, make CO-OP Financial Services the nation’s largest credit union service organization, offering the tools, knowledge and leadership to help credit unions prosper. To learn more, visit www.co-opfs.org.

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