Channels

04:40 PM
Connect Directly
Facebook
Twitter
Google+
RSS
E-Mail
50%
50%

U.S. Bank Rolls Out Mobile Photo Balance Transfer

Next month U.S. Bank plans to launch Mobile Photo Balance Transfer, after seeing the success of its other mobile imaging services.

U.S. Bank will be offering Mitek’s Mobile Photo Balance Transfer to its mobile banking customers, the bank announced today.

The service will allow customers to conduct a balance transfer to a U.S. Bank credit card by taking a picture of a credit card payment coupon in the bank’s mobile app. U.S. Bank will be the largest bank yet to offer the solution.

The bank has already adopted Mitek’s Mobile Photo Bill Pay and Mobile Check Deposit, and seen success with those solutions, said Chris Peper, VP of mobile channel management at U.S. Bank.

[For More On Mitek's Solutions Check Out: Mobile Imaging And Pain Points: An Exclusive Q&A with Mitek’s CEO Jim DeBello]

Mobile Photo Bill Pay, for instance, has proven popular with U.S. Bank’s younger customers, Peper reported. Three times as many of the bank’s customers in the 25-34 age range use Mobile Photo Bill Pay rather than the bank’s online bill service. “We want to target those customers,” Peper noted.

The bank has seen overall usage of advanced mobile banking features, such as those using mobile imaging, double on a per capita basis over the last year, Peper said. And U.S. Bank is hoping to continue that success in mobile banking by adding more such features like Mobile Photo Balance Transfer, he added.

“We want to remove friction from the customer experience. We want to replace the need for data entry [on the mobile device], and mobile imaging is a big part of that. We’ve started to refer to it as our ‘photo banking strategy,’” Peper related.

U.S. Bank plans to market the service to its customers with in-app advertisements that will present promotional offers for balance transfers, he shared.

The service will be rolled out to U.S. Bank customers in November, according to the bank’s statement.

Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio

Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
Jonathan_Camhi
50%
50%
Jonathan_Camhi,
User Rank: Author
10/30/2013 | 7:09:22 PM
re: U.S. Bank Rolls Out Mobile Photo Balance Transfer
Well Mitek does have a new Mobile Photo Account Opening tool, and it wouldn't be surprising to me if U.S. Bank is already looking into that. They have been very quick to adopt each mobile imaging solution that Mitek releases compared to other big banks.
Nathan Golia
50%
50%
Nathan Golia,
User Rank: Author
10/29/2013 | 8:11:52 PM
re: U.S. Bank Rolls Out Mobile Photo Balance Transfer
Wow, that is provocative. Makes you wonder what kind of opportunities they see beyond what we've already seen G or if it's a matter of expecting more people to take up the technology and making sure there's a strategy to scale up as needed.
Jonathan_Camhi
50%
50%
Jonathan_Camhi,
User Rank: Author
10/29/2013 | 3:20:46 PM
re: U.S. Bank Rolls Out Mobile Photo Balance Transfer
That's for sure. I was surprised when Peper mentioned that they've started to refer to mobile imaging in the bank as their "photo banking strategy." Shows how quickly mobile imaging solutions have grown among their customers.
Byurcan
50%
50%
Byurcan,
User Rank: Author
10/29/2013 | 12:56:27 PM
re: U.S. Bank Rolls Out Mobile Photo Balance Transfer
It seems as if these mobile imaging products have been well received by U.S. Bank customers. Consumers are becoming more comfortable doing a wider range of financial transactions on the mobile device.
Zarna Patel
50%
50%
Zarna Patel,
User Rank: Apprentice
10/29/2013 | 12:55:49 PM
re: U.S. Bank Rolls Out Mobile Photo Balance Transfer
That sounds like a convenient tool. Definitely a win-win situation for both customers banks.
Register for Bank Systems & Technology Newsletters
White Papers
Current Issue
Bank Systems & Technology - August 2014
Modern core systems are emerging as the foundations of effective channel integration and customer engagement initiatives.
Slideshows
Video
Bank Systems & Technology Radio