AUSTIN, Texas (9/10/12)--Amplify FCU, Austin, Texas, has bucked technology conventional wisdom in establishing an in-house software development team.
The five-person team, which was established 19 months ago, recently launched a mobile check deposit application, compatible with iPhones, Blackberrys and Android phones, that has taken in $360,000 in deposits (Austin Business Journal Sept. 7).
Next on the team's agenda is an iPad application.
In-house development of specialized software such as financial services applications is rare because contracting is typically more cost effective, industry experts said.
An in-house team has high operating costs in comparison to contracting, said Gabriel Krajicek, CEO of Austin-based financial services product developer BancVue Ltd.
However, the in-house approach helps Amplify be more agile and flexible with market and member demand, Eric Clemons, director of software development at the $611 million asset credit union, told the Austin Business Journal.
In-house development also provides Amplify members with a more consistent experience, Clemons said.
Credit unions that develop applications internally can market their products to other financial institutions, said Robert Bessel, spokesman for COCC, a Connecticut-based firm that markets tech tools for financial institutions, in the article.