Bank Shots: Two Texas CUs Say Rivals Have Nothing On Them
Big bank websites, which continue to attract national attention for delivering enhanced
That's according to two of the nation's largest CUs, $1.2-billion Community CU and $3-billion Security Service FCU, who said
Financial services consultants and researchers Lafferty Group, based in London, and Waltham, Mass.-based Gomez, Inc., which
Credit unions, however, seem to be routinely ignored.
"Gomez would be in for a rude awakening if they included credit unions in their rankings," said Julie Mecham, web developer at
Functionality such as inter-financial institution (FI) ACH transfers and online deposit statement archives, which Gomez said are
"We've had inter-FI transfers up and running for about six months, and we're even making efforts to improve the timeliness of
And members seem to respond well to the sites - online banking penetration is well over 30% at both credit unions.
In contrast, online users at Bank of America, which has more online users than any other retail financial institution worldwide,
In fact, if you ask Community and Security Service Federal Credit Unions, credit unions seem to be setting the pace for web
Said Mecham, who is responsible for 99% of Community CU's site development, "It seems to me that large banks may be learning
And Stanford Federal, First Tech, and Digital Federal credit unions' sites provide inspiration for Security Service Federal Credit
Security Service, the nation's twelfth-largest credit union, itself was a pioneer, being the first local financial institution to launch a
Conversely, large banks just aren't flexible enough to be Web pioneers, according to Wendi Costlow, vice president of marketing
"I came from a banking environment," Costlow said. "Functionality that takes credit unions a year to implement could take large
"And yet Community Credit Union is big enough that we still have the bottom-line asset dollars to make the commitment to try
Web functionality isn't really a matter of being bleeding-edge, said Worthington at Security Service FCU. New services are
"We pulse our members to see what type of functionality they're looking for. ACH just isn't high on their hit list."