Success of First Shared Mobile Banking Platform for Credit Unions Results in Significant Price Reduction
Contact: Micah J. Parker
Communications Manager, FSCC
(888) 372-2669 ext.1239
ONTARIO, CA – April 27, 2011 — FSCC (Financial Service Centers Cooperative, Inc.), the nation’s largest and most convenient shared branching network with over 6,600 locations available to its participating credit unions, announced today MyCUAnywhere text banking transaction pricing is being significantly reduced beginning May 1, 2011. Due to overwhelming acceptance and transaction growth in its first month, MyCUAnywhere transactions will be reduced to $0.35 per transaction. FSCC credit unions pay no set-up fees, no monthly maintenance fees, and no minimum monthly usage fees.
“The rapid acceptance of the product is what is making this price reduction possible so soon after the product launch,” says Bonnie Kramer, FSCC EVP. “We launched just over a month ago and member acceptance has been well beyond our projections.”
With MyCUAnywhere, credit unions only pay per member transaction. FSCC officials are quick to point out that because there is no FSCC branding on the service, a credit union can easily adopt the service as its own. That means a credit union does not have to spend precious resources building or buying its own text banking service. FSCC officials believe that no other product on the market today can match the cost effectiveness of MyCUAnywhere. A customized program from CU Wireless, the CUSO partner behind the FSCC product, is available should support for larger transaction volume make it necessary.
The latest in the family line of MyCU services from FSCC, MyCUAnywhere offers mobile text banking capability to members. MyCUAnywhere uses secure, SMS/text banking technology to access account information including balances, transaction history, loan status and funds transfer. MyCUAnywhere represents another value-added component to the services and products credit unions can offer their members through FSCC Shared Branching. MyCUAnywhere answers the demand of consumers for convenience and instant access while allowing credit unions of all sizes to participate in the mobile revolution.
The demand for mobile banking grows exponentially every year since according to CTIA (Cellular Telecommunications Industry Association)®, there are over 292 million cell phones in use in the United States, of which 98 percent have texting capability. Last year alone, 1.81 trillion texts were sent.
“We were confident text banking would be a welcome addition to our portfolio of MyCU services. Using transaction numbers as our metric, we are thrilled by the overwhelming positive response that we’re seeing. Although it’s only been a little over a month since we released this product to our members, the results are clear. We are pleased to pass on continued savings to our members with this significant reduction in transaction pricing,” said Sarah Canepa Bang, President/CEO, FSCC.
About FSCC (Financial Service Centers Cooperative, Inc.)
FSCC is the nation’s largest and most convenient credit union Shared Branching Network providing over 6,600 full service deposit-taking locations in all 50 states. FSCC’s can be summed up in three words: Connectivity, Continuity, and Convenience. Dedication to all three of these values inspired FSCC to create the Collaborative Innovation Model, or CIMple, bringing to the table a full suite of electronic and personal member service tools. FSCC is also the innovator behind 24/7 shared branching at more than 2,200 7-Eleven® Vcom® units. FSCC credit unions represent $149.4 billion in total assets and 12.3 million members. Since 1999, FSCC has returned over $15.5 million to its members through patronage dividends, rebates and return of capital. For more information, please visit http://www.fscc.com or call 888-372-2669 ext. 1236.