Over 100,000 Teachers Mutual Bank members will be upgrading to a new mobile app provided by Cuscal, the payment services provider.
And, sinceTeachers Mutual is the largest partner to join Cuscal’s white-label banking app the tie-up will more than double Cuscal's footprint.
The new Teachers Mutual app will ensure members have convenient and easy access to a host of new features such as blocking/reporting a lost/stolen card, changing card PINs as well as an ATM finder.
“It empowers our members, giving them access to a wide range of features now; and provides us with the infrastructure to create innovation in the future,” said Gerard Smith, acting head of sales and marketing at Teachers Mutual.
"This new app builds on that reputation, giving our members access to banking functions more commonly associated with branch service, than self-service," added Smith.
Teaming up with Cuscal is a big step forward for the mutual which Smith says wants to "go further” in the next few years.
In his view, the rollout of the newTeachers Mutual mobile app "futureproofs" the mutual for the New Payments Platform as Australia heads towards an open banking era.
"The next stages of our digital initiatives will give us a critical edge in a highly competitive banking market," he added
Cuscal helps financial institutions like Teachers Mutual Bank to compete with larger banks by providing great technology, which their customers really value, according to Cuscal’s Acquiring & Digital Solutions head, Valentina Dunoski.
“With the launch of Teachers Mutual Bank’s app, there are now 22 brands using Cuscal’s white-label banking app – a number that has doubled in the past year and continues to grow.
"We also offer a growing suite of APIs, which financial institutions can plug into, as well as our other products like the New Payments Platform.” she said.
Essentially what that means, she said, is that if mutuals already have a have an app with another provider, they can still use particular functions from within Cuscal’s white label app through APIs.
"We are encouraging encouraging open banking in mobile payments."
“This is in addition to providing customers with connectivity to new payments methods so they can transact in the contactless payments world with Apple Pay, Samsung Pay and Android Pay," noted Dunoski.
Teachers Mutual’s new mobile app can be downloaded for Apple devices from the App Store, and for Android devices from the Google Play store.