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Mobile banking will help CUs reach Gen Y

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ST. PETERSBURG, Fla. (9/16/08)--Financial Service Centers Cooperative (FSCC) and PSCU Financial Services have partnered to create a mobile banking solution so credit unions can attract and retain members of Generation Y. “A credit union that isn’t sure about offering mobile because of the expense or the technology can put those two concerns aside and get on with the business of serving members--Gen Y and otherwise--using mobile,” said Sarah Canepa Bang, FSCC president/CEO. The companies’ combined access to member data and the options of browser-based or applet solutions provides the credit unions with a robust banking solution, said Kenton Potterton, PSCU executive director of new product development. A recent study by the Deloitte Center for Banking Solutions indicates that 21% of consumers ages 18-34 use their cell phones for mobile banking, compared with 10% of the general population. Generation Y has more than 75 million members and collective annual income of $1.89 trillion. Gen Y’s earnings are expected to increase by 85% during the next decade to $3.5 trillion, exceeding Baby Boomers’ earnings by $500 billion, the study said. FSCC offers the credit union Shared Branch Network with more than 5,500 deposit-taking locations in the U.S. and overseas. PSCU Financial Services, headquartered in St. Petersburg, Fla., is a credit union service organization that serves more than 1,100 financial institutions nationwide.