Tech union: how credit unions are competing in the technology space.

• Author: Springer, Alex
• Position: SPECIAL SECTION: BANKING & FINANCE

Credit unions pride themselves on serving their members, and part of that service now includes mobile digital offerings that make managing finances easier. As Rob Cummings, senior vice president of digital banking at Mountain America Credit Union, explains, "As a credit union, we have to make solutions available through digital channels, otherwise we're not helping our members meet their financial needs."

Beyond simple transactions

Since credit unions are owned by their members, making sure they have access to modern technological solutions is a huge priority. The most prevalent of current online banking trends is the ability to access account information and complete transfers via a mobile device, but customers are now looking for mobile solutions to opening an account and applying for a loan.

"Our members have their mobile devices with them all the time, and when they want to interact with us, they're going to reach for that device before anything else," Cummings says.

While the ability to open an account or complete a loan transfer through a mobile device is currently in high demand, the downside is that members would need to complete a sizable amount of data entry, which can be inconvenient on a touch screen.

"A huge part of implementing these mobile solutions is minimizing the data entry," Cumming says. "Things like scanning driver's licenses or connecting with LinkedIn to gather information on the back end can help minimize the data entry." Not only are these solutions geared toward a more mobile-friendly banking environment, but they are also great ways to cut down on the time it takes to complete the application processes as a whole.

Safety and convenience

Credit unions that offer online solutions are also dedicated to...