BROOKFIELD, Wis.–Fiserv, Inc. announced that UMassFive College Federal Credit Union, a $400 million credit union with a field of membership that includes employees and students of Amherst College, Hampshire College, Mount Holyoke College, Smith College and the University of Massachusetts, has deployed a suite of digital banking, payments and personal financial management (PFM) capabilities from Fiserv.
Adoption of online and mobile banking and payments has increased following implementation of the new, integrated services, indicating that a unified experience is a significant factor in driving digital engagement, the company said.
UMassFive implemented Corillian Online for online banking, CheckFree RXP for electronic bill payments, the Popmoney personal payment service and AllData PFM. The credit union already utilized Mobiliti from Fiserv for mobile banking and Mobile Source Capture for remote deposit capture, having launched these services in 2013 and 2014, respectively. The tight integration of these digital banking and payment capabilities with the credit union's existing Portico core account processing platform from Fiserv, as well as with each other, was a key factor in the credit union's choice.
"On a scale of one to 10, UMassFive viewed the importance of integrating account processing and digital channels with one vendor as an 11," said Jon Reske, vice president, marketing, UMassFive College FCU. "When it comes to services that our members use every day, our goal is to deliver the very best user experience. Tighter integration facilitates a better experience, such as the ability for members to use one set of credentials across all services."
Just two months after implementation, online banking adoption had risen from 39% of members to 42%. In the same period, Mobiliti adoption increased from 43% of online bankers to 48%. Currently, more than 50% of members' online banking activity comes from mobile users through Mobiliti.