"Mobile banking is indispensable for any credit union competing for consideration as a member's primary financial institution," said Stan Hollen, President/CEO of CO-OP. "CO-OP Mobile enables credit unions to offer a leading-edge, custom-branded app tailored to the needs of their members - without the costly and time-consuming complexities involved in developing an in-house solution."
Originally introduced in February 2009, CO-OP Mobile is being reintroduced to take advantage of CO-OP's new person-to-person payments network called RealPay by CO-OP, incorporating the FIS PayNet platform. CO-OP Mobile is a fully customizable and configurable mobile app for credit unions, utilizing the same connection technology as CO-OP Shared Branch transactions, which expedites implementation for credit unions already participating in that network.
The new CO-OP Mobile was tested prior to introduction by Democracy FCU of Washington, D.C.
"CO-OP Mobile allows us to deliver more services to members through their smartphones, which is critical because surveys show 50 percent of adults have smartphones - and keep them handy all the time," said Bill Cook, Vice President, Administration, for Democracy FCU. "This version of CO-OP Mobile enables P2P payments and remote deposit capture - features of mobile banking we will be able to offer our members for the first time. It also fits well with our shared branching concept - we want to be wherever our members go, and now we will be right in the palm of their hand.
"The testing of CO-OP Mobile was an absolute success and we will be rolling out the new app to our membership in conjunction with the rebranding of our own name, from HEW FCU to Democracy FCU," said Cook.
Additional key features of the new CO-OP mobile include iPhone and Android apps custom-branded to the credit union; account aggregation for access to all accounts at a credit union on one app; account-to-account transfers; account history; text banking; and a back office client portal application to monitor and manage users.
CO-OP will be further rolling out CO-OP Mobile as part of a free webinar taking place on Wednesday, February 25, at 11 a.m. Pacific time. Titled "Mobile Momentum: From Apple Pay to RealPay - and Beyond," registration for the webinar is available at http://info.co-opfs.org/02-25-Mobile-Momentum_Landing.html. Mobile/virtual products from CO-OP will also be part of the company's exhibition booth at CUNA GAC 15, taking place March 8-11, in Washington, D.C.
CO-OP Mobile is available for implementation by credit unions on the CO-OP Shared Branch network immediately. For more information, please visit www.co-opfs.org.
About CO-OP Financial Services
Based in Rancho Cucamonga, Calif., and founded in 1981, CO-OP Financial Services is the nation's largest credit union service organization in terms of number of credit unions, assets and members. The company helps credit unions thrive by providing products and services that make it more convenient for members to do business with them. With a motto of "Be There. Be More," CO-OP's products fall into three business lines, including "Locations," (ATM, shared branching and call center services); "Card Payments" (debit and credit processing) and "Mobile/Virtual" (mobile, online, check imaging, bill pay services). To learn more visit www.co-opfs.org.