LA CROSSE, Wis. — Altra Federal Credit Union wanted more members –especially younger ones -- to use its mobile banking and remote deposit capture services.
"With an aging membership and rising operational costs, we needed a comprehensive new strategy to create new, long-term relationships, starting with Generation X and the Millennials, all the way to the rising Generation Z," said Altra FCU CFO Mary Isaacs.
So last year the $1.1 billion CU upgraded its mobile banking app and added mobile remote deposit capture from Bluepoint Solutions, increasing mobile users by 35%.
"We applaud Altra FCU for seeking out advanced mobile technologies like QwikDeposit, and for also understanding how important it is to combine them with ongoing employee training, continuous engagement with their members and communities, and regular refreshment of their services and communications," said Bluepoint Solutions' Director of Marketing Alissa Fry-Harris.
A Teen Touch
Five years ago Altura, with 85,000 members and 17 branches, launched a virtual branch strategy focused on a strong digital banking platform.
Its new mobile strategy dovetailed with the culmination of a three-year campaign to attract tech-savvy members, which included creating a strong social media presence. "We added a youth coordinator to reach out to potential members still in their teens, and delivered financial literacy programs in partnership with local colleges and high schools," said Isaacs.
Since providing QwikDeposit To Go: Mobile remote deposit capture (RDC) by Bluepoint Solutions and Latitude: Mobile banking native app by Connect FSS, Altra VP of Marketing Cheryl Dutton said member engagement has increased across the boards.
For example, registered active unique mobile users has spiked by 12%, membership growth increased by 7% and the average age of these users decreased to 39 from 41. Additionally, the CU has experienced a mobile deposit surge of 33% over the course of one year.
"The biggest obstacle to succeeding with a strategy like ours is the mindset of 'one and done' implementation," said Dutton. "We knew from the outset that this was a priority that would continue to evolve for many years."
Isaacs added that the CU keeps determining the boundaries of what members want and what can be offered. "We keep crossing those boundaries and doing more. We reach for the best, most forward-savvy technology partners, and then stay committed to using those technologies to the hilt."
