New Text Banking Platform Launched
ONTARIO, Calif.-Aiming to give more CUs the ability to offer mobile banking, Financial Service Centers Cooperative (FSCC) has released a mobile text banking platform to members of all CU Service Centers affiliated credit unions.
Called MyCUAnywhere, FSCC is working with CU Wireless, the CUSO of MaPS CU in Salem, Ore., on the service. MyCUAnywhere uses secure, SMS/text banking technology to access account information including balances, transaction history, loan status and funds transfer.
Now, credit unions large and small can offer shared mobile text-based account access to their members, noted FSCC. "Mobile text banking is a fast, simple, and affordable way for members to monitor and track their account," said Sarah Canepa Bang, FSCC president and CEO. "Text messaging has become part of our culture. Now text banking can easily become part of a member's routine."
FSCC contended text messaging will make mobile banking more accessible to older CU members who are less likely to have smart phone. The service costs nothing to set up and charges the standard shared branching transaction fee. FSCC pointed out that according to statistics from the Cellular Telecommunications Industry Association, there are over 292 million cell phones in use in the U.S. and 98% have texting capability.