Mobile Banking with VNCTY.

First of all, my favourite quote about Mobile Banking this year has got to be by Avi Pollock Head of Applied Innovation at RBC who simply said at Net.Finance East “I know Mobile Banking is important, I’m just not sure why.”

I feel the same way. So I’m excited to say that Vancity has launched Mobile Banking to our Online Banking members. It’s pretty simple SMS banking where you register your cell number within Online Banking and then when you text to the shortcode VNCTY you get your balance or last five transactions.

Mobile Banking

So it could come in handy if you need to know your balance in a hurry and you’re not near a computer.

But the powerful thing here is getting members’ cell numbers into Online Banking, because that paves the way for text alerts which are of a much greater value. It also starts down the path of a more full-functioning Mobile Banking offer where our members can use an ATM/Branch locator, pay bills and transfer funds via their smart phone. That’s starting to get more interesting.

So I’m excited and proud of this baby step and need to acknowledge the unsung hero of this initiative, one of my favourite strategic partners, Kelly West, the Director of Product Management at Central1. He wrote an awesome Mobile Banking strategy for all credit unions in BC and Ontario. Thanks to him, we’re headed down the right path. Thanks Kelly!

Of the seven principles of a co-operative, the sixth is Co-operation among Co-operatives

Co-operatives serve their members most effectively and strengthen the co-operative movement by working together through local, national, regional and international structures.

One of the things I love about my work is that I get to collaborate with other credit unions in the province. At the end of 2008 80% of BC credit union members will have access to Mobile Banking. We worked on it together, we’re launching the same product to our members and next up, we’ll advertise Mobile Banking as a credit union innovative difference to BC residents. I’ll post more about that ad campaign when it launches in the New Year.