NEW ORLEANS — A concept designed to expand what credit unions can do with mobile banking and on mobile devices is the winner of the 2014 CO-OP THINK Prize and $10,000 furnished by MasterCard.
The idea, known as "Mobile One: A Complete Financial Solution," was conceived by Christopher Whalen, marketing and e-services specialist at Connex CU in North Haven Conn.
Whalen told Credit Union Journal earlier this year that Mobile One is meant to be "a sustainably innovative solution" to the ever-expanding mobile banking landscape.
"The idea is that the company would constantly innovate and change the platform based on whatever new innovations are out there," said Whalen. "The idea is that Mobile One the company would be ready and prepped at all times to jump onto whatever the latest and greatest innovation is."
Whalen said he hoped Mobile One could not only offer services like account balances, transfers and remote check deposit, but also quickly add mobile payments into the mix once that market matures, along with the possibility for live, face-to-face member service via Skype or Apple's Face Time.
"CO-OP Financial Services congratulates all three of our finalists on their innovative ideas," said Stan Hollen, the company's president/CEO. "Our goal with the CO-OP THINK Prize is to promote and inspire creative thinking on industry issues, and each of the three final business plans were wonderful displays of that."
CO-OP's judges, online voters and THINK 14 attendees voted Whalen as the winner of this year's competition. The other two finalists were Sanam Kazi of Chicago Patrolmen's FCU and Brett Wooden of Cy-Fair FCU in Houston.