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PSCU Financial offers iPhone apps
Apple iPhone users are changing a lot of industries, including the world of mobile banking.
With 54% of iPhone users already using mobile banking monthly, according to a Javelin Strategy & Research study, financial institutions have to appeal to a technically astute consumer base. St. Petersburg-based cooperative PSCU Financial Services plans to make it easier for its credit union members to attract that iPhone or iPod touch set.
The company has developed an iPhone application for mobile banking that can be customized and branded to individual credit unions. The new app isn't PSCU's first foray into mobile banking software — it already offers software for the 140 most popular phones — but the new app is especially important because of the large and growing base of users, according to Doug Lokrantz, new product development manager for PSCU.
“The biggest advantage [for customers] is usability,” he says. “The application makes it a much cleaner, more menu-driven experience for consumers.”
For credit unions, the return on investment of having a free mobile-banking app makes the decision even more obvious, Lokrantz says. Apps reduce the need for staff at call centers and branches, plus they have been shown to increase customer retention by 15%.
The app is being offered in several tiers to credit unions from a flat fee to a per person price.
PSCU Financial Services is owned by more than 600 member credit unions.
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