by. Robert McGarvey

New mobile competitors are calling, and they want your lunch.

How many nibbles can a credit union absorb before its sustenance is devoured by hungry competitors?  That’s the question financial tech guru Jim Marous, senior vice president, business development at New Control, asks.

“You can’t sit there and do nothing. The marketplace is changing completely. You need to take action to defend yourself,” Marous said.

That is why Marous pointedly asks: Does T-Mobile want to steal 30% of your customers?

Mobile Money, introduced by T-Mobile in late January, is the immediate threat. A mobile app coupled with a prepaid Visa card, the product does not presently involve paper checks but, beyond that, it can do much of what a conventional share draft account can do.

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