Consumers are increasingly using their mobile phones to access checking accounts, credit cards, and other financial accounts.
Consumers are increasingly using their mobile phones to access checking accounts, credit cards, and other financial accounts. As of November 2012, 28 percent of all mobile phone users and 48 percent of smartphone users had used mobile banking in the past 12 months, according to a recent Federal Reserve Board report.
The most common mobile banking activities continue to be reviewing account balances, monitoring recent transactions, or transferring money between accounts. Notably, the use of mobile phones to deposit checks has reportedly doubled, with 21 percent of mobile banking users having deposited a check with their phone in the 12 months prior to November 2012.
Recognizing the growth in mobile banking, credit unions like Security Service FCU are responding. The San Antonio-based credit union says its members can now deposit checks using their smart phones through the latest update of SSFCU’s myBranch mobile banking app for Android and iOS smartphones.
According to Mike Chapman, SSFCU executive vice president and chief operating officer, more than a hundred checks were deposited on the first day of its release.
“Mobile banking was one of our most requested services as people move more and more to their mobile devices – smartphones and tablets — to conduct business,” says Chapman. “Our goal is to provide members with the same level of self-service no matter which device they choose to use.”
SSFCU’s mobile deposit feature is available to SSFCU members enrolled in myBranch online banking with the latest update of the mobile app. Mobile deposit is the most recent addition to several enhancements recently rolled out by the credit union.
Earlier this year, SSFCU introduced myBranch and myBranch mobile, a completely redesigned online banking platform. While its members appreciate the availability of mobile banking, Chapman doesn’t believe “clicks will replace bricks.”
“Our members have spoken loud and clear: they want personal service onsite with self-service options off site,” notes Chapman. “In fact, we just renovated several of our branches, getting rid of the more tech-focused remote tellers and going back to face-to-face, one-on-one banking.”