Pentagon Federal Credit Union is mapping out its “next big transition” in the mobile banking space: switching its app to a customer “acquisition” channel, from a customer “maintenance” channel, Chris Martin, senior vice president of regional service centers at PenFed, told Auto Finance News.
“Today, we have all the tools and functions on our app for customers to manage and maintain their accounts,” he said. “But where we see an innovation opportunity, is making it possible for new members to apply for, say, new car loans through the mobile app.”
Mobile usage among PenFed’s 1.4 million customers has skyrocketed in recent years, Martin said. “We feel that we need to leverage that, and hopefully in the next six to 12 months we’ll make the big transition,” he added.
PenFed is the nation’s sixth largest auto lender among credit unions, according to 2015 Big Wheels Auto Finance data. “Security is paramount, and we will typically lag behind some startups introducing new functionalities,” Martin said. “We need to make sure that whatever transition we are making is truly vetted for our large member base.”
