South Bay Credit Union Announces Mobile Banking With iPhone & Android Apps
Jennifer Oliver, President/CEO
REDONDO BEACH, CA. April 2012 – Sometimes the little guy gets it right – flies under the radar and brings in the big kill.
Or at least that’s the way Jennifer Oliver, CEO of South Bay Credit Union, feels these days since changing her data processor and entering the mobile banking air space.
“I couldn’t afford to offer mobile banking let alone text banking or my own mobile app a year ago,” said Oliver. “I used to watch the big bank commercials and wonder how we could compete in that space from the perch of my little credit union.” She wondered how her $75 million credit union with 7100 members could deliver their products and services in a market where car is king and drive time makes up a good part of the day.
“We needed to be mobile,” she said. That was part of the reason she converted her core processor in October 2011 to CU*NorthWest, a CUSO based in Liberty Lake, Washington, that operates the CU*Base software suite. “I got free mobile banking turned on the first day. Text banking was available a month later. And then greedy me… I said I want my own app so my members can see my icon on their phone, check their balance, make transfers, pay their bills and have South Bay Credit Union a part of their visual landscape every day.”
So with that, Oliver set out to find someone to build her an Android and iPhone app. She figured she had saved so much already activating mobile and text banking, that it was time to make her own investment. She told CU*NorthWest’s Greg Smith, president and CEO, about her plan. Smith took the idea to the CU*Asterisk network and it offered to share in the research and development costs. “Here is a credit union that jumps to action and we want to encourage that behavior in our credit unions,” Smith said. “Keeping credit unions viable in today’s market requires action and innovation. South Bay has both.”
South Bay is one of a few hundred credit unions on iTunes with a mobile app. From her 7100-member perch today, Oliver is smiling as she sees conference meetings on developing your mobile strategy. “We already have one,” she says with a tingle. “And you know what else? I can send an email blast from my new software to all my members and they can go get my app today. I feel small but mighty today.”
Established in 1953, South Bay Credit Union is a member-owned not-for-profit financial cooperative proudly serving anyone who lives, regularly works, attends school or worships in the area known as South Bay in Los Angeles County, California with more than 8,000 members and $70 million in assets. As a financial cooperative, South Bay Credit Union brings members together, pooling their financial resources to meet the individual needs of the membership, while providing enough capital to run a strong and efficient operation. South Bay Credit Union is headquartered in Redondo Beach, California and has a branch service center in Torrance. South Bay Credit Union’s mission is dedicated to providing progressive, diverse, cost effective financial services to our member-owners in a friendly and professional manner. Visit South Bay Credit Union’s website at www.sbcu.org for more information.