remote deposit capture

Banks to Expand Mobile Banking and Payments in 2012

Financial institutions (FIs) are moving beyond the basics to deliver increasingly sophisticated mobile capabilities, according to a recent Forrester survey which evaluated the plans of ten top-tier U.S. banks and credit unions.

“After several years of technology-driven expectations, mobile banking is finally seeing sustained traction in the United States, and banks have rolled out support broad enough to enable consumers with nearly any mobile device to access basic banking functionality,” said Brad Strothkamp, vice-president, principal analyst, eBusiness and Channel Strategy, Forrester Research. “As consumers gain confidence with the channel, their needs are shifting from simple functionality like account balances and ATM locators to transactions like bill payment and account transfers.”

The Forrester survey indicates that FIs are moving to meet these more transactional needs by delivering increasingly robust mobile banking and payment solutions: Read More »

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Kiplinger’s Names Sallie Mae Bank “Best Money Market Account”

Congratulations to Sallie Mae Bank, whose Sallie Mae Money Market Account was recognized in the December issue of Kiplinger’s Personal Finance Magazine as the “Best Money Market Account of 2011.”

Sallie Mae was selected for its market-leading savings interest rates, no minimum balance or monthly fee, full service mobile banking and check writing. This is the second consecutive year Sallie Mae’s banking products have been recognized by Kiplinger’s.

Free mobile banking features enable customers to check balances, transfer funds, pay bills, and remotely deposit checks online and with smartphones. A downloadable free app is also available for customers with an iPhone.

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Mobile Remote Deposit Capture Ready to Take Off

In yesterday’s MobileFI blog post, Clairmail CMO Carl Tsukahara stated that mobile remote deposit capture will become “a staple competitive feature for mobile account management.” A recent study by Celent supports this assertion.

Growth in self-service channel preferences, competitive pressures, and relentless cost reduction demands are vaulting remote deposit capture (RDC) into the consumer mainstream, according to a recent Celent report. Mobile RDC is in the spotlight, with 80% of surveyed financial institutions (FIs) already having, picking, planning or considering a solution.

Three consecutive annual surveys conducted by Celent show a doubling in planned adoption of mobile RDC from 26% of surveyed FIs planning or considering a solution in August 2009 to 51% in September 2010. The number of FIs planning to offer mobile RDC doubled again in 2011.

Interest in mobile RDC is expected to continue to grow because FIs face a challenging revenue outlook and mounting cost pressures in the retail channel, a situation worsened by the Durbin Amendment to the Dodd-Frank Financial Reform and Consumer Protection Act, which took effect in October 2011.

“Self-service deposits are at odds with the pervasive cross-selling culture at most banks. Reduced branch traffic presents a sales challenge, but deposit-related foot traffic comes at a significant cost—one that US banks may no longer be able to afford,” said Bob Meara, Senior Analyst with Celent’s Banking group and author of the report. “Mobile RDC may be the best idea yet to hasten the branch transformation we all know to be inevitable.”

Mobile RDC can be used as for customer acquisition and retention, cost savings and revenue generation, as discussed in an earlier MobileFI blog post.

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Bethpage FCU Rolls Out Mobile Deposit for iPhone

Congratulations to Bethpage Federal Credit Union, a $4 billion Long Island institution, which recently augmented its mobile banking tools by adding a mobile check deposit feature to its iPhone application.

Using the smartphone’s camera and the app, a Bethpage member can now scan and deposit checks via phone.

Bethpage’s iPhone app also lets members get account alerts, manage and pay bills, transfer money between checking and savings accounts, and view transaction history.

“Providing progressive and convenient banking solutions to our members is a priority for Bethpage. We know that any service which enables members to bank anywhere at any time, is valued,” said Jim Breen, SVP information technology at BFCU. “Bethpage’s iPhone app combines the power of mobility, a camera and an internet connection to easily deposit your checks.”

The iPhone app takes a picture of the front and the back of a check, then deposits it in the member’s account.  Breen said the app resulted from a collaboration of two vendors that had been serving Bethpage FCU.

Breen added that both Andoid and BlackBerry mobile apps are in test phases, with a 2012 release expected.

Click here to view a demo of Bethpage Mobile Banking.

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SECU Enhances Mobile Banking Solution with Mobile Deposit

Congratulations to SECU, Maryland’s largest financial cooperative, on its recent enhancements to its mobile banking services.

“We’ve been introducing new services over the past few months that are very technologically advanced. We first rolled out mobile banking in 2008 and it was time for some enhancements,” explained Rod Staatz, SECU President and CEO. “As part of the enhancements, we now offer text banking, iPhone and Android applications for mobile banking, along with mobile deposit for Androids, iPhones and iPads. Just take a picture and the money is in your account.”

SECU’s mobile banking solution also includes a mobile web site and mobile alerts via text, email or push notifications. SECU members can set up which alerts they want to receive – notification of a deposit made, a check clearing, a low balance, and more.

Said Staatz, “The banking needs of consumers have changed in recent years, and subsequently, we are changing the way we meet those needs. As we like to say, if you’ve got a smartphone, you’ve got an SECU branch in your hand.”

To view a demo of SECU mobile banking, click here.

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