Vystar Credit Union Mobile Banking – The online banking problems came after a planned outage in mid-May that took longer than the credit union expected while it launched a new website.
Both online banking and the VyStar mobile app are now live, according to a statement from the credit union Friday.
Vystar Credit Union Mobile Banking
VyStar Credit Union says it has relaunched its mobile app for phones. Members can now download the updated mobile app from the App Store and Google Play Store and sign in from their phones.
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“For members to have the latest version, they must uninstall the old app (white icon) and download or update to the new VyStar app (blue icon) from the App Store,” the company said in a statement.
To learn more about the new platform and its current features, members can watch the How to Bank Online and Mobile video or visit the Online and Mobile Banking FAQ page to review Frequently Asked Questions.
The online banking problems came after a planned outage in mid-May that took longer than the credit union expected as it launched a new website and mobile app.
Last month, a Wistar spokesperson said online banking was back to customers while the mobile app was still offline. platform
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VyStar Credit Union works to make things easier for potential homebuyers during what are especially difficult times for these members.
The Jacksonville, Fla.-based facility will launch its own version of FinLocker’s mortgage fitness app called Dream2One in the third quarter.
FinLocker pulls customer data from key documents such as pay stubs, bank statements and credit cards to provide a home buying budget tailored to the customer’s financial situation. Consumers can use this information to create an in-app savings timeline for mortgage approval.
In addition, customers can access local loan specialists, Department of Housing and Urban Development certified training materials and other tools for budgeting and cost analysis right on the dashboard.
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VyStar’s Dream2One will initially be available to customers who are not traditionally served in the mortgage market or need help strengthening their loan application. This includes beneficiaries of HabiJax, a Habitat for Humanity partner in Jacksonville.
“We’ve seen single moms who have never owned a home in their life and are in their 60s,” said Jennifer Kuchis, senior vice president of real estate lending at VyStar.
Members whose mortgage applications have previously been rejected can also use the app as a way to ‘turn them around,'” Kuchis said. Finally, the app will be available for free to all members of VyStar, the 13th largest credit union in the US.
Brian Weeks, president and chief operating officer of FinLocker, noted the gap between what existing loan applications offer and what consumers need. For example, some apps require a minimum credit score to sign up.
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Eliminating such requirements will ensure that the app reaches a wider range of consumers who can benefit from its tools at a time when the housing market is tough for first-time home buyers. Current homeowners feel locked into their current homes, which they refinanced at record low interest rates during the pandemic. Their reluctance to inventory has contributed to lower inventory levels.
Affordable homes are hard to come by for middle-income buyers. Currently, this group of buyers can afford only 23% of the homes on the market, half of all listings five years ago.
“Low- and moderate-income consumers can avoid the home-buying process, mistakenly believing they qualify for a mortgage,” said Joe Mailman, director of TransUnion, which provides credit data to FinLocker. ,
Because they are afraid to go directly to the lender with questions. Many organizations have started to adopt user-driven technology solutions to solve this problem.
Vystar Online Banking, Mobile App Now Available
“If you look at a lot of seed grants and grants, there might be 30- or 45-minute courses where they get a certificate and have to meet certain specifications to be affordable,” Kuchis said. , “But when you have someone who hasn’t experienced that kind of commitment, a 45-minute course doesn’t create stability.”
A high debt-to-income ratio is a major concern for first-time homebuyers, especially graduates paying off student loans, Wieks said. The FinLocker app collects such liabilities and can display savings plans against potential down payments or closing costs.
FinLocker CEO Henry Casson said in a press release that fintech technology allows users to stay on top of their credit through a “soft pull,” or soft credit check, rather than a hard credit check. Thanks to the app’s credit modeling, users aren’t exposed to the risk of hard inquiries that can inflate and damage credit scores. Meeting customers’ banking needs during a pandemic means providing mobile and digital channels for customers to engage in a remote and contactless banking experience.
To provide these services, credit unions (CDUs) must invest not only in technology but also in employee training to better support the growing needs of members. We sat down with Joel Swanson, VyStar Credit Union’s Chief Member Experience Officer, to discuss the emerging role of digital and mobile channels in the CU sector and how CUs are keeping up with the changing needs of their members.
Online & Mobile Banking
Swanson explained that VStar recognizes the important role of contactless experiences during the health crisis, but he wants members to enjoy the level of personalization they expect from CU. Jacksonville, Fla.-based CU recently launched a mobile texting tool for this purpose, allowing members to drive to a branch and connect to a text-enabled branch phone number. An employee, not a bot, will answer and say something like “Come in, there’s no wait” or “You’ll be waiting 10 minutes.” Customers on hold will receive an automated text when their turn arrives.
“What I love about it is that even after COVID-19 is over, we plan to keep it because people have built relationships with the staff at the branch and it gives them an opportunity to talk to us from the comfort of our car,” Swanson said.
He said the need for the service was realized when the pandemic began and the CO worked quickly to find and implement solutions within weeks.
The average age of CU members is 47 years old, and this requires CUs to think about ways to attract and build relationships with younger customers.
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VyStar sought to build its membership base through a unique program created by student-run affiliates at 17 North Florida high schools. The program helps teens become CU members and keep records in high school, college and beyond. Swanson said students who work at the branches also teach other students about finances.
Reaching the younger demographic means meeting their digital-first banking needs. VyStar saw the importance of making this change during the pandemic. CU saw a 159 percent increase in members looking to open accounts online and a 30 percent increase in mobile checking deposits. According to Swanson, eighty-two percent of its 735,000 members now use digital banking in some way, and they will continue to use digital methods after the pandemic, given the ease and convenience of these methods.
With the move away from personal banking, there has been a natural shift in the way members access customer support. Branch transactions at VyStar are down 24 percent year over year, while call volume at its call center is up 58 percent.
In keeping with this change, VyStar has redeployed branch staff to provide telephone support to its members. Many of those phone inquiries are related to new digital needs of its members, Swanson said, from forgotten passwords to transaction links for clients who haven’t used digital channels before. This increase in call volume has led to the expansion of CU’s call center infrastructure.
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“We have a backup call center in a remote location, so if one is affected, the other is not affected,” Swanson said.
Brick-and-mortar branch closings have been a common trend in the financial services sector during the pandemic. However, physical branches play an important role for VyStar, even as its members use mobile devices to access banking services in their daily lives. VyStar, which has 60 branches, recently opened a new branch.
“Our physical branches are still an important part of what we do,” he said. “Our customers want to go to a branch for more complex needs or to connect with people.”
This interest has not prevented CU from making other advances in contactless banking services during the current crisis. VyStar car locations previously only enabled a limited set of transactions, but CU has upgraded to include a full set of features, such as opening accounts or quickly switching debit cards.
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