Desert Schools Federal Credit Union (Desert Schools) has adopted Monitise’s Vantage 5.1 mobile banking platform technology to enhance mobile wallet capabilities for its members.
Vantage is the mobile money provider’s first on-premise platform in the Americas.
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Through a modularised architecture, Vantage 5.1 provides financial institutions with Bank Anywhere mobile capabilities and enables Pay Anyone and Buy Anything services through the cloud to generate new revenue streams.
Since launching mobile banking in 2012, Desert Schools has seen record adoption and reports mobile users are two times more profitable than traditional banking members.
Desert Schools, Arizona’s largest credit union with £3 billion in assets and over 50 locations, also report mobile users are averaging 46 interactions a month with the mobile banking application.
Peter Farrow, chief information officer of Desert Schools, said: "Our members have been quick to adopt new mobile features.
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By GlobalData"Monitise’s Vantage platform is allowing us to capitalise on the mobile opportunity and deliver fast and frequent updates to an application that member’s desire," he added.
Lisa Stanton, president of the Americas at Monitise, said: "Desert Schools understands that continually updating their mobile offering is required to stay competitive, and that future revenue opportunities will depend on proven mobile payment and shopping features."
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