Vons Credit Union announced that for the first time, mobile engagement has surpassed internet banking interactions. The credit union uses MalauzaiOne virtual banking solution from Austin, Texas-based digital banking provider Malauzai.
According to data from Malauzai on more than 850,000 digital banking users, mobile engagement has grown by more than 23% annually, with growth in internet banking usage remaining steady. Additionally, mobile-only users average 20 mobile connections per month, unlike internet banking users, who average only eight interactions per month.
Seventy-one percent of the $500 million, El Monte, Calif.-based Vons CU members are mobile-only users, making them best-in-class among Malauzai’s more than 350 customers. Vons CU leverages MalauzaiOne digital banking to deliver a mobile-only experience across all channels with robust features including member-to-member transfers, photo bill pay, check imaging, remote deposit and robust account alerts.
“Since rolling out digital banking, the response from our members has been tremendous,” said Donna Simpson, EVP/COO of Vons CU. “Our members can easily access their accounts, as well as take advantage of innovative features and functionality, regardless of their location. We’ve seen the numbers rise in adoption, usage, and engagement across all channels. We attribute this initial success to providing a unified member experience through MalauzaiOne.
According to Malauzai, a MOX drives customer and member engagement and optimizes the digital channel for members and customers. On average, a typical bank or credit union has 25% of its end users exclusive to the mobile channel. Best-in-class is 45% mobile-only. “That’s why we call it ‘mobile only’ and non-mobile first, because people use the channel exclusively,” explained Robb Gaynor, Chief Product Officer at Malauzai. Financial institutions that migrate to a true platform can engage more, while dramatically reducing overall digital banking costs by 35%.