TMCnet Web Editor
The mobile banking revolution is here and the train is still accepting new passengers. One recent member, RTN FCU, a credit union, enlisted the help of Tyfone and its mobile banking services in order to make a big splash in the space. Tyfone’s mobile banking services will be integrated directly into RTN’s Fiserv hosted XP2 core.
After considering various mobile banking solutions, RTN decided to go with Portland, Ore.-based Tyfone’s multi-layered mobile wallet which includes mobile banking and the ability to buy gift cards. Moreover, the smartphone can be used to make purchases at large national retailers including McDonalds, J.C. Penney and Rite-Aid.
“We are gearing this to a younger membership. We are ahead of the curve, that’s where we want to be,” said Christopher White, a senior vice president at RTN, a $720 million institution with 37,000 members.
“Members have been asking us for mobile banking and remote deposit capture -- we are giving them both. But we are doing more,” said White.
Among the reasons Tyfone was chosen was for its ability to have its app tie directly into RTN’s core. It is also independent of online banking which made it stand out from most mobile banking apps out there which piggyback on online banking, according to White.
For RTN, the credit union is hoping that by employing the help of Tyfone the company can remain competitive in a technology focused region and have a “mini branch” right within reach. The RTN mobile banking, which will be available for iPhone, Android (News - Alert), and BlackBerry, is still in testing and the union hopes to roll it out before the end of quarter two.
“Our members tell us that mobile banking is a must-have service, and after a thorough review of mobile banking providers, RTN chose Tyfone because of their ability to connect to the XP2 core, allowing us to provide mobile features relevant to their increasingly digital lifestyles,” said White in another statement.
“Tyfone’s mobile banking solution makes it possible for RTN to quickly and painlessly build a high caliber mobile banking service with more features than our largest competitors, and with a roadmap for expanded mobile financial services that will provide even more benefits to our members,” he added. “Tyfone’s Fiserv core integration also gives RTN the ability to offer unique features right out of the box, such as account aggregation and the ability for our members without online banking to participate in mobile banking.”
According to company officials, Tyfone’s mobile banking platform was designed to augment bank profitability and to unify banking customers and their financial institutions by making banking possible from any place, any time. This added convenience grows the number of transactions and other activities made by each customer, and makes it easier for financial institutions to keep customers and stem attrition, officials said.
“RTN is a very technology savvy credit union with a comprehensive mobile strategy,” said Mark Miyamoto, director of mobile banking at Tyfone. “Tyfone makes it possible for RTN to deliver leading edge mobile banking technology to its members while making security and convenience top priorities. With the integration of Tyfone mobile banking, RTN will now be able to offer mobile banking to 100 percent of its client base. RTN benefits by creating a self-servicing member while avoiding the cost of another online banking account. Furthermore, the ability to enroll and manage mobile banking without a computer expands the potential market for mobile banking adoption.”
Edited by Rich Steeves
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