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BizReport : Mobile Marketing : May 01, 2013

Mobile remote deposit capture adoption exceeds bank's expectations

More signs this week that consumers are becoming increasingly comfortable with mobile banking. Hawaii-based American Savings Bank this week announced that customer adoption of their mobile remote deposit capture banking service reached their one year goal in just one month.

by Helen Leggatt

American Savings Bank is the first Hawaiian bank to introduce mobile remote deposit capture, a feature whereby depositing money into an account can be done simply by taking a photo of a check.

Rick Robel, Executive Vice President of Operations at American Savings Bank, says that customer adoption of the mobile feature has "exceeded all expectations". Within the first month of the November 2012 launch, the bank achieved first year adoption goals and within two and half months their two-year adoption goals had been met.

In March, 2013, mobile deposits with the bank soared by 40%.

Mobile document capture software firm Mitek, found that Americans are increasingly comfortable with depositing money into their accounts by mobile. More than 12 million have now done so, they say, depositing more than $40 billion in to accounts.

The remote mobile deposit method, while convenient and easy to use for customers, is also good news for banks. Mitek estimates mobile deposits have saved banks more than $100 million in transaction costs with major banks reporting savings of around $3.88 with each mobile deposit over a teller transaction.

Furthermore, says Mitek president and CEO, James B. DeBello, mobile banking is not only fast, easy, and gratifying, it's also fun.

Earlier this year, Juniper Research released their "Mobile Banking: Handset & Tablet Market Strategies 2013-2017" which revealed that, within the next four years, 19% of tablet owners will carry out bill payments via their mobile device compared to the 9% that currently do so.

Image via Shutterstock

Tags: banking, banking trends, mobile apps, mobile banking, mobile strategy, mobile trends

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