Mobile banking software, the new technology

Mobiles and cell phones have come to occupy every facet of our life today. Every function we perform is somehow touched by this medium of communication which has actually revolutionized the way Homo sapiens live their lives in the twenty first century. Also this has led to more and more businesses looking at ways to use this dependence on mobiles to their advantage. A host of services offered to us are now being offered on mobile phones as well so that we can use them while we are on the go. Mobile banking is one such wonderful service which allows you to perform your banking transactions without even being remotely close to you physical bank branch. Every banking operation can be performed just through the click of a few buttons on your mobile phone with the use of mobile banking software. There are a large number of software companies who have developed proprietary mobile banking software and sold it to banks, credit unions and other non-banking financial institutions.

In essence, a credit union is a cooperative fiscal establishment which is held and driven totally by its associates. Technology is expanding day by day and in such a scenario, how can credit unions be left behind. There has been a fast increase in the number of credit unions providing mobile banking facility to their customers. When it comes to mobile banking credit unions have taken to it in a big way. At present, credit unions are deciding between usage of WAP/browser-based mobile banking programs and SMS/Text messaging programs. Some credit unions call for their consumer to download their specific software, however implementation of this technology possibly will augment as many mobile companies are now providing pre-loaded software on their devices. The number of credit unions offering mobile banking facility to their customers is on the rise, and the trend is likely to carry on in the future.

Due to the increasing interest in mobile banking software, banks should deploy mobile banking software with confidence that their mobile banking vendors will provide the key to start the engine of mobile banking. Banking via a mobile device is the most revolutionary thing to have happened ever since the advent of mobile phones. Customers can now pay bills, check their account balances, transfer funds and more. Banks and credit unions have started opening up to this new technology, empowering their customers with easier and faster banking solutions. Mobile banking technology vendors have a big role to play in helping mid-tier and small institutions take advantage of this emerging channel. The past few months have brought an outbreak of mobile banking announcements from mobile banking software companies who are responding to growing demand from their customers and the recognition of their own powerful position in the mobile banking vendor ecosystem.

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About the Author:
“Pankaj Modi Says:” To know more about mobile banking credit union and mobile banking software visit: http://www.bank-companion.com
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Difference Between Credit Unions And Banks

Credit unions and banking institutions alike offer financial services to their depositors: saving accounts, personal loans, home loans, etc. At the same time, they differ with regard to customer base and the ways they operate. Banks are owned by investors and earn profits for them.  Credit unions, on the other hand, are owned by their members, and the profits are returned to them. The credit union’s board of directors is either elected by its members or composed of volunteers. Unlike them, the board of directors at a banking institution is appointed by the shareholders of the company which owns the bank.

In credit unions, the size of one’s deposit determines the profits one gets. People with more deposited funds receive a larger number of shares and higher profits. In addition, members of credit unions enjoy better interest rates on loans and higher interest on their deposits.

Banks serve the financial interests of anyone who qualifies for their services and wishes to do business with them. Credit unions offer membership to certain types of customers, and eligibility criteria are defined by geographic area or occupation. Some credit unions are open only to individuals employed in particular sector of the economy. Others offer membership to all professionals residing within a particular territory. Eligibility criteria for family members also vary from one union to another. Some are open to extended family members while others accept only the immediate members of one’s family.

Another important difference between credit unions and banks is size. The total assets of credit unions are in the amount of less that $650 billion while the assets of banks exceed $9 trillion. Credit unions have a smaller customer base and typically offer a more personalized service. In contrast to the friendly service of credit unions, banks offer more standardized, consistent, and professional services that are not necessarily customized to the requirements of certain clients.

Some banks have only local branches, but most institutions operate many branches and offices across regions. Some of the larger banks have international presence and move large sums of money on a regular basis. Having bank is convenient because it can be accessed internationally. In some cases, banks offer better interest rates than credit unions because of their engagement in high yield, high risk investment instruments.

Credit unions and banks offer many of the same financial services but termed in a different way. Saving accounts are called share accounts, checking accounts are referred to as share drafts, while share term certificates stand for certificates of deposit. It is important to note that some credit unions are operated as for-profit organizations, but most structures have a community development element. They emphasize on the importance of keeping money in the community and investing in community projects instead of injecting capital from the outside. Credit unions are often times promoted as instruments that facilitate sustainable development and encourage communities to secure their financial independence.

Believing that credit unions are not FDIC insured, some people are skeptical about depositing money in them. In reality, all federal credit unions and some of the others are insured. It is best to call the structure you are interested in and inquire if it is FDIC insured.

 

Disclaimer: This article is provided for educational and informational purposes only and should not be considered a substitute for professional and/or financial advice. The information found in this article is provided “AS IS”, and all warranties, express or implied, are disclaimed by the author.

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About the Author:
I like to write about finance, banking, money and ivesting. Find out more about the big five Canadian banks , and credit unions here.
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How Are Banks and Credit Unions Different?

So, you are about to embark upon the fun task of switching banks, opening an account for the first time or perhaps just looking around to see what is out there. Think about what you need and then look into your choices.

Consider how fast you can get results. Does the bank or credit union utilize <a title=”Learn More About Automated Decsioning at Zoot!” Href=http://www.zootweb.com/additional_information/automated_decisioning.html>automated decisioning</a> so that you can get results in an instant? Automated decisioning is a way that financial institutions can get you answers regarding loans, credit card approvals and line of credit increases right away.

Are you thinking about starting a business? Consider <a title=”Learn More About Small Business Lending at Zoot!” Href=http://www.zootweb.com/additional_information/small_business_lending.html>small business lending</a> program. Look to see if you would qualify for the loan and perhaps all the hoops through which you will need to jump.

A simple thing to ask yourself is how convenient is the institution’s location. Maybe you don’t drive so you’ll want to make sure they are on your bus route or within walking distance of your home. If not, maybe there is a satellite location close to you or an ATM where you can do your deposits. Ask yourself how much you will need to visit the bank so you can choose one that is convenient.

Next, think about the difference between banks and credit unions. There are several key differences when f figuring out which way you should go. First, credit unions are owned by its members. The members are often limited to a certain select group of people, depending on the credit union. Investors, on the other hand, own banks. Second, credit unions are not-for-profit. Banks, since they are investor owned are out to make a profit for their investors. So, when a credit union reaps profits it is coming back to the members in the form of lower interest rates and higher dividends.

Think about the type of service you’d like to receive. So far I haven’t met anyone who would choose a bank if they were choosing purely because of customer service. Generally speaking, since credit unions are smaller they get to know their customers better. This may mean that they will look out for you a bit more than a bank. However, there are many people that swear by the bank they use and don’t really care about the customer service as long as there are no errors. It is up to you.

Maybe online banking and bill pay is important to you. If so, check out their web site and maybe their news releases to find out what they offer and if there is a fee for their services. Those little fees can really add up rather quickly if you are not watching out for them. And, make sure they are compatible with your budget software or be prepared to invest in some new software. You may also want to keep in mind whether or not you want the option of having a safety deposit box and if they are offered.

A bank or a credit union? The choice is yours. But, ask around. Find out from friends and family what kind of experiences they’ve had and you’ll be on your way to finding a good fit.

About the author: Jason Ausmus is a web content producer for Innuity. For more information regardingautomated decisioning or small business lending go to Zoot

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Are There Differences between the NCUA and FDIC?

I was reviewing our logs and noticed that someone had come to Jumbo CDs, looking for the answer to, “What is the difference between FDIC and NCUA Insured?”

Boy, did I feel silly because I didn’t actually have the answer on our site. After all, it is an important question for people investing their money into banks and credit union CDs.

And the answer is, there is really no difference as far as federal protection. Both cover your bank accounts (CDs, Savings, Checking, Money-Market) up to $250,000 through 12/31/13. If the Gov’t doesn’t extend that it will revert back to $100,000. Both cover your IRA accounts assuming they are in a bank account and not a securities account up to $250,000. That was a permanent change made in 2004. IRAs are insured separately then your regular bank accounts.

Both are federally guaranteed. The FDIC oversees and insures banks and the NCUA oversees and insures credit unions. However, the NCUA is currently in far healthier shape. Not that I believe the FDIC won’t be able to meet its obligations, you just don’t here about the NCUA having to bail out too many credit unions.

The biggest difference is credit unions overall, are in better shape then banks. We have dealt with countless bank closures the last two years. There has only been a handful of credit union closures. And the reason is the foundational difference between a credit union and a bank. At a credit union, everyone is a member and has one vote, no matter how big their deposits are. The credit union exists to extend the lowest loan rates and highest savings rates it can to its members. Credit Unions are non-profit organizations. Because of their non-profit status, they are limited in what they can invest in. Most of their investments are in boring things like CDs ( :O) ), Gov’t bonds, and treasuries. They are limited in who and what they can lend to. Both of these drastically lower the risk of having problems.

Now, I don’t want my banker friends to get mad at me. Usually, small community banks operate much like credit unions in that they put the people first. However, a bank is a for profit organization. Usually, a small group of investors has put their capital into the bank and they want a return on their money. The pressure for higher returns leads banks to make riskier decisions. And over the last two years we’ve seen the result of that.

So when it comes down to it, there is no difference in your insurance protection between FDIC and NCUA insured accounts. If either a bank or credit union fails that is federally insured, you will get your money back.  But, there may be differences between the credit union CD Rates

Chris Duncan is a FINRA Registered Representative. He specializes in helping clients find the highest and best CD rates nationwide. His clients include individuals, financial institutions, corporations, and public agencies. Looking for good CD Rates for $100,000 or historical CD Rates, come on by.

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Foreclosure Home Investment: The Time has Come

Several years ago, right after I purchased my home after a divorce, a housing boom made its way into the American real estate market. Housing prices soared as interest rates fell; sellers had the opportunity to evaluate several offers at a time on one piece of property; buyers scrambled to purchase the home of their dreams before interest rates rose again; some sellers even had bidding wars going on over their property.

All that has changed now! The seller’s market has turned around, and many of those people who were so willing to pay top dollar to get the house they wanted are finding themselves in financial woes. It is now a buyer’s market as houses all over the country sit with for sale signs in the front yard for months and even years at a time. Asking prices are being slashed to the bare minimum; the number of foreclosures is at an all-time high, and economists predict that the number of foreclosures is only going to increase for quite a while.

Regardless, real estate can still offer a decent return on investment if you take advantage of the market conditions wisely. One way to do that is to venture into foreclosure home investment.

Whether you want to purchase a house to live in or are looking for a way to make your money grow for you, foreclosure home investment is a strategy whose time has come. With the increased numbers of foreclosures that have already taken place and the forecast of even more to come, lenders are finding themselves with too darn many houses and other pieces of property in their possession.

Many folks believe that banks and other lenders are thrilled with the idea of foreclosing on a piece of property, but the opposite is really true. Banks, credit unions, asset management companies, and the like would much prefer to do what they are in business to do banking. Most lenders find the foreclosure process ridiculously time-consuming, expensive, and contrary to their fundamental purpose which is to loan and invest money, not sell houses.

With that understanding, it becomes clear that the possibilities to make a profit via foreclosure home investment are upon us. With so many foreclosures already happening and the likelihood of even more in the near future, real estate is available at all-time low prices.

After purchasing a piece of property, you can choose one of several paths to travel in your foreclosure home investment travels. You can purchase a home to live in and sell later. You can purchase a distressed property one that is in need of repair and fix it up to turn around and sell it again. Many lenders find themselves not only owning houses they don’t want, but also owning houses that are in bad shape. They definitely are not in the carpentry business, so fixer-uppers can often be purchased at a steal

You may also consider using your home foreclosure investment as a rental property. All those people who are losing their homes still need a place to live, and they find themselves renting. Some people are hesitant to buy in today’s economy, so they choose to rent as well. Students rent all the time. Lots of people rent.

Home foreclosure investment is an opportunity whose time has come.