Explosive adoption for OnPoint Community Credit Union

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Six months after launching a mobile banking service based on Tyfone’s financial services infrastructure, OnPoint Community Credit Union reports that usage among its members of the new mobile payments capabilities have exceeded expectations and continue to grow at a rapid pace.

Each month more OnPoint credit union members are discovering the convenience of performing secure banking transactions via their mobile phones, while the number of monthly mobile banking transactions continues to soar at an average of 33% per month.

OnPoint routes all SMS, APP, and WAP mobile transaction requests through Tyfone’s mode-neutral mobility platform, conveniently and securely delivering many of the services OnPoint’s members seek at branches to mobile phones that can be used anywhere in the world at any time. Tyfone’s mobility platform is integrated to XP Core Banking platform to enable this service for OnPoint.

OnPoint analyzed usage during the initial 22 weeks of its mobile banking service, covering tens of thousands of transactions. The credit union found that members were eager to try all three facets of the service including WAP/mobile Web, text message (SMS) and mobile application, with mobile Web representing approximately 50% of all mobile transactions, while SMS and the mobile banking application each contributed 25%.

Checking account balances was the most popular feature, representing 69% of all transactions. Viewing statements came in second at 28%, though as members became more comfortable with mobile banking they appeared more apt to making payment transactions.

‘Nothing can compete with the convenience of banking through your mobile phone,’ comments Jim Armstrong, SVP, technology, OnPoint. ‘OnPoint is very careful about the technology we offer our members, making certain that we never sacrifice security for enhanced functionality or convenience. Not only does Tyfone’s financial services infrastructure meet all of our technology requirements easily, it also allows us to extend our mobile reach to NFC using their FI centric SideTap Memory Card. For the moment with the Tyfone mobile banking platform in place, we are turning mobile phones into OnPoint branches for a great number of transactions. ‘