The Benefits of Using a Mobile App and Mobile Deposit

Members Could Be Overlooking Many Benefits of using Members Plus CU’s Mobile App and Mobile Deposit

Mobile banking is a win-win for credit unions and their members. So is mobile deposit.

Credit unions and other financial institutions have recognized the benefits of both. By and large, credit union members and bank customers haven’t. When they do, they could save an incredible amount of time and money, just like financial institutions have.

The opportunity for our members to benefit from Members Plus Credit Union’s mobile banking app and mobile deposit is definitely there. A survey that was released in 2015 concluded that 78 percent of banks and credit unions offered mobile banking services and another 16 percent planned to by the end of 2016. However, The Financial Brand digital publication article “Just Offering Mobile Banking is Not Enough” also reported that more than 80 percent of the people who had an opportunity to use mobile banking services in the United States weren’t “active mobile banking users.”

Similarly, only about one-third of adults in the U.S. will have used remote deposit capture (referred to as mobile deposit) by 2016 although close to 80 percent of the banks offered the service as far back as 2011, according to an Independent Community Bankers of America survey.

Before detailing the benefits of mobile banking and mobile deposit, it’s important to say what these two practices are. Mobile banking is banking via a mobile device such as a mobile phone and a tablet. Credit union members and bank customers can conduct financial transactions with their smartphone because the financial institution provides them with a downloadable app.

Mobile deposit allows people to deposit their checks into their financial institution from a remote location such as their office. Typically, mobile deposit involves scanning a check’s digital image into a computer and then transmitting that digital image to a financial institution.

Some Benefits Are Overlooked

Are you a member of a credit union? If you are, it’s possible that you’re not using mobile banking services because you’re unaware of the comprehensiveness of its benefits.

In fact, the “Just Offering Mobile Banking Is Not Enough” article identifies 18 “primary” mobile banking services. Many of them are overlooked.

Did you know you can transfer funds between one account and another via mobile banking? Did you know that you can check the balance and the transaction history of your accounts via mobile banking? Do you want to pay your bills ASAP? Yes, you can do that too via mobile banking. You can also find out the location of your financial institutions and their ATM machines, and check the transaction history of your accounts.

The article “5 benefits of mobile banking you shouldn’t overlook” reports that mobile banking prevents overdrafts, catches suspicious activity faster, monitors and improves your spending habits more easily, makes paying bills on time easier, and saves time and gas.

Now, here’s a challenge for you. Think about all the occasions that you need to contact a financial institution and conduct business at a financial institution. Now write down all those occasions and write down how much time each interaction and transaction will take. The bottom line is that mobile banking can save you a lot of time. And time, of course, can be money when you can work during that time. You can also save a lot of money on phone calls, gas, and other travel-related expenses.

Sources

http://www.americanbanker.com/bulletins/-1037534-1.html
http://thefinancialbrand.com/53684/mobile-banking-payments-federal-reserve-study-2015/
http://www.remotedepositcapture.com/overview/rdc.overview.aspx
http://www.cutimes.com/2015/06/01/4-remote-deposit-capture-trends-to-watch
https://en.wikipedia.org/wiki/Remote_deposit https://en.wikipedia.org/wiki/Mobile_banking
https://plainscommerce.com/news/5-benefits-of-mobile-banking-you-shouldnt-overlook/