Editor's note: these responses from Chris Barber of WesCorp to last month's reader questions were not available in time for inclusion and are being run here as an addendum to last month's special report.
Reader Question:
Our CU is considering implementing mobile banking? What do you advise for success, or would we be wise to wait?
I haven't seen a significant call for mobile banking beyond web-based online banking and the maintenance of a good toll-free number for banking via phone. Enhancing the existing web-based online banking applications and offering new services or efficiency improvements through that channel would likely have a larger adoption rate due to market penetration of high-speed Internet access and home/laptop computing.
In thinking about my own usage patterns, I would not have an interest in using a mobile phone with a slow Internet connection to try to conduct any type of transaction due to the speed limitations. It would be an exercise in frustration waiting for web pages to load, navigating the multi-factor authentication, etc. It's much easier to find a laptop with wifi or to just call the toll-free number.
Until wireless speeds improve it doesn't seem viable except for a small minority of users. Perhaps as the speed to these mobile devices improve over the next few years this will be more of a viable solution.
Reader Question:
Does your panel have any experience with a technology that might really be effective in serving low-income members?
The best technology might be in-person education seminars to provide them with the information required to move to online banking and other Internet-based applications. By providing financial education you are establishing a relationship to potential future members who now know how to manage their money.
