Monitise (LSE: MONI), a global leader in Mobile Money solutions, today announced that Desert Schools Federal Credit Union (Desert Schools) has upgraded to the Vantage 5.1 next-generation mobile banking platform technology for the frequent and rapid delivery of value-added features and mobile wallet capabilities members expect.
As Arizona's largest credit union, Desert Schools recognises that continually delivering new mobile capabilities to members is critical for staying competitive. With record adoption since launching mobile banking in the spring of 2012, Desert Schools reports mobile users are two times more profitable than traditional banking members, and are averaging 46 interactions a month with the mobile banking application.
"Mobile is the future of our relationship with members and being able to update specific components of our mobile platform allows us to deliver a differentiated experience that improves member retention and loyalty, while also attracting new ones," said Peter Farrow, Chief Information Officer of Desert Schools Federal Credit Union. "Our members have been quick to adopt new mobile features. Monitise's Vantage platform is allowing us to capitalise on the mobile opportunity and deliver fast and frequent updates to an application that members desire."
Monitise's market leading mobile banking platform empowers credit unions and banks to meet their rapidly-evolving member needs at minimum time-to-market and cost. Through a modularised architecture, Vantage 5.1 delivers world-class Bank Anywhere mobile capabilities and enables Pay Anyone and Buy Anything services delivered through the cloud to generate new revenue streams.
"Nearly 50 percent of consumers are deciding to switch banks based on their mobile offering, proving that new features are critical for keeping and attracting customers," said Lisa Stanton, President of the Americas at Monitise. "Desert Schools understands that continually updating their mobile offering is required to stay competitive, and that future revenue opportunities will depend on proven mobile payment and shopping features."
Financial institutions of all sizes are capitalising on Vantage 5.1 for the deployment of core banking services and mobile payment and shopping features. Benefits of Vantage 5.1 include:
- Hybrid cloud, on-premise architecture: Core services remain on premise, while critical payments and commerce solutions are delivered through the cloud from premium content providers around the world.
- Modular components: Financial institutions can continuously evolve their mobile offering without having to undertake time-consuming and extensive software upgrades to their entire mobile banking platform simply to update new capabilities. Mobile capabilities and features can now be implemented incrementally, based on unique business requirements, timeframe and budget.
- Advanced user experience and design: Building mobile relationships and connecting users to new services is heavily dependent on a mobile user interface that is frictionless, easy to navigate and intuitive. Vantage provides a modern design, along with a unified look and feel that places ease-of-use at the center of smart client and web client user experiences.