Credit Union acronyms still harsh my mellow

I was saddened to learn that Randolph Brooks FCU, a very large credit union in San Antonio, now calls itself RBFCU. Yet another excellent and distinctive credit union name falls by the wayside into a vast sea of sameness. This is the opposite of the differentiation and distinction goals that good business practice calls for.

Based on a previous blog post:

Recent Watershed Developments: Finovate NYC

I had the pleasure of attending this year’s Finovate NYC last week.

I met long-time EverythingCU member Sonya MacDonald in person for the first time. She was in attendance because her CU, Randolph Brooks FCU in San Antonio, is piloting a program from mobile banking provider mShift, which will allow mobile banking from any cell phone, not just an iPhone. But really caught my attention were two other items that she shared with me. Sonya told me that her credit union has done $35 million in remote deposit capture since January, which is when they launched the program with mShift and EasCorp providing the back end. Wow. $35 million is some serious transaction volume.

Sonya also asked me if I knew where Charlie Kroll, president of Andera was sitting. I told her he was right across from her, and Sonya told me that her CU is currently doing 700 new accounts per month via Andera’s online account opening out of a total of about 4500 to 5000 new accounts per month total. That is a healthy 14-15% of total new accounts being opened online.

There was one thing that caught my eye on the negative side. And that will be the subject for tomorrow’s blog post.

The other recent watershed developments: Augmented Reality • Twitter banking