NEW YORK (10/20/08)--Credit unions may want to note that consumers value online funds transfer services, according to results from a recent CashEdge survey. “Responses reveal an increasing demand for, and adoption of, capabilities that offer them ease-of-use and convenience, particularly online account opening and multiple online funds transfer capabilities,” said CashEdge CEO Sanjeev Dheer. About 58% of respondents said they opened an account online and would like to do so again. Another 25% said they did not open their accounts online but would do so if that option were available, while the majority--82%--said they expect their financial institution to offer the ability to open accounts online. Respondents said they move their money online to transfer to a checking account (66%), savings account (52%) to take advantage of a higher interest rate (49%), or to others, such as friends and family (88%). Nearly 60% of respondents said they felt mobile banking is equally secure or more secure than online banking. About 60% said they would use mobile banking if it was offered by their financial institution. CashEdge, which provides Intelligent Money Movement services, conducted the survey to examine the behaviors and preferences of more than 425 consumers who use online banking.
HERNDON, Va. (10/20/08)--Northwest FCU, Herndon, Va., garnered more than $1.4 million in new loans within five days after using DigitalMailer’s Automatic Relationship Builder. The builder launched an e-mail promotion that brought in the loans. Automatic Relationship Builder is an e-mail engine designed to help credit unions build member relationships. It allows credit unions to send customized e-mail messages. “It’s eliminating the production and postage costs associated with direct-marketing programs,” said Gerianne Burks, Northwest FCU president/CEO. E-mail marketing is effective, but is challenging in today’s online world, added Ron Daly, DigitalMailer president/CEO. The mailer provides consistent, manager member contact and includes tracking, e-mail list management features and other marketing capabilities. Northwest FCU has $1.5 billion in assets.