April 17, 2013

Mobile remote deposit capture is helping banks drive mobile adoption, according to data released yesterday by Malauzai Software, an Austin, Texas-based provider of mobile banking apps for community banks. As banks are looking to increase customer engagement, the recent enthusiasm among customers for mobile check deposit seems to be helping them achieve that goal. Malauzai found that banks that have released mobile check deposit saw their number of active users increase 15% month-over-month after its release.

[See Related: Mobile Deposit Combines the Old and New in Bank Technology]

The data was collected by Malauzai as part of a survey conductd last month and involved more than 85 banks and credit unions with more than 75,000 registered mobile banking customers, the company said in statement yesterday. The survey discovered that mobile check deposit users were depositing 2.5 checks on average per month with their phones, and the average deposit was $429. In what might be a bad sign for branch traffic, most of the mobile deposits (66%) were found to be occurring during branch hours between 10:00am and 5:00pm. The study also found that about half of the check images submitted for mobile deposits had to be retaken. About 90% of deposit attempts were eventually successful.

ABOUT THE AUTHOR
Jonathan Camhi is a graduate of the City University of New York's Graduate School of Journalism, where he focused on international reporting and interned at the Hindustan Times in Delhi, ...