Giving customers the ability to access a bank account with a cell phone, or mobile banking, is something that both national and local banks are adopting rapidly. In fact, locally owned banks and credit unions in Iowa are also beginning to offer the service. Veridian Credit Union, headquartered in Waterloo, has been offering mobile banking since August 2010. While Veridian Mobile Banking makes accessing an account even more convenient, it's not expected that the number of members visiting the teller window or picking up the phone will significantly drop.

"We like to stay on the leading edge of new technology for our members," said Veridian President and CEO Jean Trainor. "Mobile Banking is just one more electronic delivery channel to enhance the Veridian Experience for our members."

This is a need that seems to be trending nationwide, with several studies showing increased interest in mobile banking. Fiserv, Inc., a banking technology provider based out of Brookfield, Wisconsin, conducted a study in May 2010 of more than 3,000 online consumers. Among those who said they own cell phones, 30 percent said they have conducted one or more banking services using their mobile phone, up from 23 percent in 2009. Fiserv's Consumer Billing and Payment Trends study also revealed that 75% of those surveyed said they would consider using mobile banking services if offered, an increase from 49% in a similar survey conducted in March 2006.

Irene Iben, an Oelwein resident, is one of those people who was interested in mobile banking, but had never taken the time to look into the service further. When she contacted Veridian by phone in October about her account she was informed of the new service and thought she would give it a try.

"Getting Veridian Mobile Banking setup on my phone was easy," she said. "Veridian staff walked me through every step. I'm still learning all of the features, and everyone at Veridian has been very helpful anytime I've had questions."

There is no enrollment fee for Veridian Mobile Banking, however some standard text and mobile rates may apply, and the service is available to anyone who has an account at Veridian.

Like other mobile banking platforms, Veridian Mobile Banking gives individuals three options for accessing an account by cell phone. The first is Text Banking, which allows a cell phone user to text Veridian for things like an account balance, account history or to transfer funds. A smart phone or data plan is not required for text banking and it can be used with almost every phone in production today. The anywhere, anytime experience that is provided by text banking is what keeps individuals like Iben coming back for more.

"I travel constantly for work and if I'm on the road I don't usually carry my computer. Now I can login and check my account on my phone. It's definitely more convenient for me when I travel," she said.

The second option for Veridian Mobile Banking is Mobile Web, which can be accessed on any phone with a web browser. Mobile web is works similar to online banking, where a website optimized specifically for a cell phone allows access to accounts.

Finally, Mobile Banking Alerts allow an individual to be alerted by text message or email when activity happens on an account. Each individual user can customize the alerts – a feature Iben says has made her more financially responsible.

"If I need to transfer money I know immediately what my balance is," she said. "It's easier to make financial decisions when you know exactly what's in your account. You don't spend money you don't have when you can check your balance on the spot."

Veridian Credit Union, founded in 1934 in Waterloo, Iowa, is a not-for-profit financial cooperative owned by its members. The credit union offers a full range of consumer financial services and employs more than 500 Iowans throughout 24 branches. For more information, visit www.veridiancu.org or call (800) 235-3228.

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For Immediate Release
January 10, 2011

Additional Documents Available:

Mobile Banking Story Angles
Mobile Banking Fact Sheet