MFoundry, North America's largest mobile banking and payments provider, today announced Eli Lilly Federal Credit Union (ELFCU) has launched ELFCUmobile, a full-featured mobile banking solution that includes native mobile applications, mobile Web and SMS/text banking.
At more than $1 billion in assets, ELFCU is an Indianapolis, IN-based credit union serving more than 60,000 members. ELFCU wanted to offer a mobile channel to serve its membership nationwide, including a large, tech-savvy user base that relies on remote access to manage their accounts. Forty percent of members use the credit union's eBranch versus a physical ELFCU branch.
ELFCU began its search for a mobile banking vendor more than a year ago. It was important to the credit union to find a solution that offered not only the standard mobile banking features members wanted, such as apps and remote deposit, but also a flexible platform that would allow for easily adding new features and functionality over time. ELFCU also required integration with its new Open Solutions core.
"After a thorough evaluation of leading mobile banking vendors, our selection committee unanimously selected mFoundry as the best option to meet our members' mobile banking needs," said Tim Greene, AVP of eCommerce. "mFoundry provided a direct integration to our core system, allowing all members to enroll in mobile banking. mFoundry's hosted solution also gave us comfort with scaling the solution and adding new features with little to no disruption of our members' banking activity."
mFoundry's mBanking solution is built on a flexible, fully-hosted architecture that enables customers to quickly deploy and scale their mobile banking solution across the membership base. The mFoundry cloud-based mobile banking solution is the leading offering in the U.S., currently the choice of more than 675 financial institutions, including 1/3 of the top 50 U.S. banks and credit unions. Nearly 10MM users rely on mFoundry's MobileFinancial Services Network to complete mobile banking transactions on a daily basis.
"mFoundry serves banks and credit unions of all sizes," said Drew Sievers, Co-Founder and CEO of mFoundry. "ELFCU is a perfect example of how a credit union can leverage the mobile channel to serve remote members more effectively. ELFCU can now provide members with a wide range of banking services, such as account management, mobile deposit or two-way text alerts, to manage their banking relationship from virtually any device. With the large percentage of ELFCU members that rely on remote access, mobile is sure to become the most popular channel for members in the months to come."
After only a soft launch of the mobile solution in early May, the credit union has 1,101 unique users using ELFCUmobile with 780 using the app, 518 using Web banking, and 120 using text banking. Members have logged 6,726 sign-ons of which 1,639 viewed account details/history and 440 completed remote deposit capture of checks via photo (statistics current as of May 31, 2012).
ELFCUmobile features native mobile banking applications for Apple iOS, Google Android and RIM BlackBerry devices. ELFCU also supports mobile remote deposit capture for its smartphone users; members simply take a photo of a check and deposit it via their device.
In addition to native application support, ELFCUmobile supports HTML5 mobile Web and SMS/text banking, including two-way alerts enabling members to customize their mobile banking experience based on their preferred method of connectivity. Popular features of ELFCUmobile include account balance monitoring, transfers between credit union accounts, and branch and ATM searches using built-in maps or GPS.
"The response from members has been incredibly positive so far," said Greene. "We are pleased with the launch of ELFCUmobile, and we expect adoption to continue to outpace projections throughout 2012, as more members discover the advantages of conducting daily banking activities via the convenience of a mobile device."