In the application, credit union members can make account transfers, access their checking, savings and loans accounts and pay bills, among other actions. PSCU’s mobile banking platform also comes with 24-hour support.

“Mobile banking is the foundation for mobile financial services,” said Doug Lokrantz, mobile commerce manager at PSCU Financial Services, St. Petersburg, FL. “Mobile financial services consist of a suite of mobile financial products such as mobile remote deposit capture, mobile point-of-sale payments, mobile person-to-person payments, expedited mobile payments and mobile marketing.

“These types of solutions are best facilitated with a mobile application,” he said. “Our strategy is to prepare our clients for mobile financial services and at the same time provide them with a secure, low cost, highly desired mobile-banking solution.”

PSCU Financial Services serves more than 1,300 financial institutions nationwide and is owned by more than 600 member credit unions.

Reaching a new audience
PSCU said that the application will help credit unions attract a younger demographic, but Mr. Lokrantz said that the application is desired by a broad age group.

“This group typically consists of 16-to-45-year-old mobile users,” Mr. Lokrantz said. “This type of solution will help our member-owner credit unions attract younger and more sophisticated members at a time when the median age of credit unions members continues to rise.”

PSCU Financial Services’ mobile banking application gives credit-union members a high level of security available through multifactor authentication, 128-bit encryption, automatic time-out and a member-selected PIN.

The application was also designed to build brand recognition, per the financial services organization.

Mr. Lokrantz said that when developing the application PSCU had to deal with device/mobile operating system compatibility, application administration, carrier requirements and Apple’s requirements.

The new services are being marketed by the various member credit unions and Mr. Lokrantz said that typical credit union marketing tools consist of online marketing, branch marketing, statement messages, letters to customers, email marketing and television commercials.

For PSCU, Mr. Lokrantz said that mobile banking was a natural addition.

“Mobile banking is a natural extension of online banking,” Mr. Lokrantz said. “In an age where time has become the new currency and financial awareness is critical, mobile banking provides 24/7 access to financial information.

“In addition, mobile devices are becoming the desired way to conduct financial services,” he said.