Out of the Gate: No Clear Cut Technology WinnerCredit unions are split between adoption of WAP/browser-based mobile banking programs and SMS/Text messaging programs. While fewer credit unions mentioned plans for downloaded software, adoption of this technology may increase as more carriers implement pre-loaded software on their mobile phone options.
Some of the front-end issues that credit unions need to consider when selecting a technology include:
- Level of security: fraud and multi-factor authentication
- Compatibility with other systems such as online banking
- Desired transaction capabilities
- Member interest and need for information vs. transaction capabilities
- Local carrier considerations: compatibility with dominant local carriers
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