Access to mobile banking has become an important part of any customer credit union or bank relationship. Consumers want easy access to their funds and the ability to check balances on the go, make transfers in transit and deposit checks without heading into a local branch. Credit unions often get an unjust reputation as being behind the technological curve, but a 2014 analysis by Magnify Money shows 8 of the top 10 mobile banking apps were from credit unions.
Data on the 50 largest banks, 50 largest credit unions and a selection of top online banks were used in the survey. The bank and credit union apps were ranked on a scale of 1 to 5 using data from iTunes and Google Play during the week of Nov. 20. A weighted average of ratings from iOS and Android were used to create the final overall rating. Here are the results:
Best Credit Union Apps
Five credit unions tied for first place with an average score of 4.7 out of 5. An external app developer called Digital Insight created all the credit union apps in the top 10 list. (Many of the big banks use in-house developers to create their apps.)
Tied for First
Eastman Credit Union: Eastman Credit Union serves communities in Northeast Tennessee, Southwest Virginia and select areas of Texas.
ESL Federal Credit Union: The credit union’s website looks outdated, but the app rates in the top 10. ESL services communities in the Rochester, New York, area.
Redstone Federal Credit Union: Redstone Federal is headquartered in Huntsville, Alabama and serves nearly 370,000 members. Over 1,400 clubs, organizations and employers offer RFCU memberships as a benefit.
SEFCU: With over 300,000 members, SEFCU operates 46 branches in the Capital Region, Binghamton, Syracuase and Buffalo in New York. SEFCU offers membership to those living, working or worshipping in 32 towns and cities.
VyStar Credit Union: VyStar is a state-chartered community credit union, so its membership is defined geographically. It serves counties in Northeast Florida, including: Alachua, Baker, Bradford, Clay, Columbia, Duval, Flagler, Gilchrist, Hamilton, Levy, Marion, Nassau, Putnam, St. Johns, Suwannee, Union and Volusia.
Tied for Second
Two credit unions tied for second place with an average rating of 4.6 out of 5. However, Tower Federal did receive better iOS ratings.
Tower Federal Credit Union: Tower Federal Credit Union is the largest federal credit union in Maryland with 13 branches in Anne Arundel, Baltimore, Howard and Prince George’s counties plus four at Fort Meade. Membership is available to those employed by or a member of one of Tower’s eligible businesses and associations.
Hudson Valley Federal Credit Union: Hudson Valley Federal Credit Union is a community-chartered credit union serving over 273,000 members who live, work, worship, volunteer or attend school in Dutchess, Ulster, Orange or Putnam counties in New York.
Worst Credit Union Apps
Unfortunately, two credit unions lived up to the reputation of credit unions being behind, technologically speaking. These two earned spots on the top 10 worst overall apps. Complaints included difficulties in depositing checks, needing to log out and log back in during sessions and the app being outdated for recent versions of iOS. Both of these credit unions earned an overall rating of 3.1.
Tinker Federal Credit Union: TFCU is based in Oklahoma and offers over 500 ways to join. It largely targets military members and family, making it unfortunate the app doesn’t pass muster.
Visions Federal Credit Union: Visions Federal Credit Union serves communities in New Jersey, New York and Pennsylvania. There are more than 175,000 members and 39 branches in these regions.
Should a Quality App Matter to You?
Whether or not you’ve already adapted to the changing times, it’s should matter that your financial institution offers a quality mobile banking app. A quality app represents attention to customer service and a commitment to staying competitive with other financial institutions.