Mobile Deposit = Convenience

Banks are increasingly competing on good customer service and convenience. And for those consumers who find themselves with an old-fashioned check in hand, there’s nothing less convenient than having to drop by a bank branch or ATM machine to make a deposit. There is hope, because Mitek Systems Inc., has developed a solution that allows you to forego that inconvenient trip to the bank and deposit a check anywhere at anytime, and the good news for you is that banks are lining up and buying this solution to provide it to their customers ASAP.

The very innovative and high tech application is a mobile remote check deposit solution, and is called Mobile Deposit®. Mitek’s solution utilizes the latest image technology and is already making many customers very happy.

Now that consumers have smartphones with built-in cameras, they can snap a photo of a check they wish to deposit. Using a mobile application, consumers then send the digital image of the check to their banking institution to complete the deposit. Mitek President and CEO James B. DeBello says his company has signed up leading banks and credit unions to participate in the mobile deposit program. “Retail banking is so competitive these days that banks and credit unions see mobile check deposit as a must-have differentiator, leaving those who don’t yet have comparable apps scrambling to catch up.”

But banks will need to do more than sign up for this service. They’ll also need to market it as a competitive advantage. Chase was one of the first to advertise what it called its Chase Quick Deposit. And Bank of America recently announced its own successful test of mobile check depositing. The banking giant plans to release the function to most mobile platforms in the second quarter of 2012.

As the interest in this new feature grows, reps should drop by their local banks and discuss the best way to advertise and promote this latest trend in banking convenience.