Cornerstone unveils new banking app
05 Aug 16
Cornerstone Mutual Services has unveiled the banking app for credit unions adopting the Model CU.
Last week’s report from the British Bankers Association (BBA) titled Help at Hand showed a massive 54% increase in payments using mobile banking apps over the last year. In total, there are 11 million logins to mobile banking apps in the UK every day, and 347 million payments were made using mobile banking apps in 2015.
ABCUL Chief Executive Mark Lyonette said: “Consumer demand for mobile banking is clear, so Cornerstone Mutual Services is committed to getting credit unions into this space to provide the speed and convenience which modern consumers expect from their financial services providers.”
The first 34 “transformation” credit unions are preparing to adopt the new Cornerstone Model CU, which has been developed as a key part of the UK Government’s Credit Union Expansion Project (CUEP). This coordinates many facilities together, including the banking platform with its straight-through processing which makes the app comparable to any bank or building society app.
Members of credit unions that adopt the Model CU will be asked to download the CU Mobile app (which will be available for both iOS and Android) and they will then select their own credit union from the list and log in to their accounts. The app features the same levels of password protection and security that consumers would expect from any banking app.
Once logged in, the credit union member experiences the app in line with their own credit union’s chosen branding and colour scheme. The member can then instantly check their account balances and transaction history, transfer funds between accounts, make a payment to another person or organisation, or apply for a loan.
Credit unions adopting the Cornerstone Model CU will each have their own bank grade sort code and account number range for their members, allowing for straight-through processing of transactions, faster payments and a range of more efficient processes which benefit the credit union and its members alike.
Likewise, loan applications made via the mobile banking app can be assessed instantly using the Automated Lending Decision tool (ALD), meaning credit union members can enjoy quick decisions on their loan applications, and fast access to the funds in their account.
Mark Lyonette added: “It’s a great feature of products like this which have been developed through collective working and co-operation among credit unions that we can deliver a high quality standard product which can nonetheless be tailored to each credit union’s own distinctive branding.
"When a credit union member makes a transfer or a payment via their mobile banking app, it happens instantly – meaning an excellent experience for the consumer, and a significant saving for the credit union.
“All of this adds up to a leap forward in functionality for credit unions and a professional mobile banking experience for credit union members.”
Cornerstone’s banking app is available to credit unions that adopt the Cornerstone Model CU. if you would like more information about this, please email firstname.lastname@example.org.