Mobile Capture Comes To Small CUs

The hot must-have technology in banking today has to be mobile remote-deposit capture, software that lets members take a photo of a check with a smartphone camera and, presto, it’s deposited into their account. The big rub thus far is that smaller credit unions have complained that mobile RDC is priced out of their budgets. But the news is that, suddenly, prices are getting pushed down, and an upshot is that a growing number of smaller financial institutions can now woo their members with the latest technology.

“Our vendors are finding pricing levels where small institutions can play,” said Daniel Simon, a regional sales manager with San Diego, Calif.-based Mitek Systems, owner of a variety of key mobile RDC patents. The Mitek business strategy is to sell through partners, which include Brookfield, Wis.-based Fiserv, Henderson, Nev.-based BluePoint Solutions and Monett, Mo.-based Jack Henry. And, suggested Simon, several of its partners have been aggressively pursuing deals with institutions that might not have shown up on their radar a year ago. Now, however, as Mitek seeks to broaden its footprint, the chase is on for more institutions and that is shining a spotlight on credit unions with assets below $500 million and often well below.

At Vertifi, the Burlington, Mass., CUSO operated by corporate credit union Eascorp., Alan Bernstein, president of the CUSO, indicated that they, too, can claim successful mobile RDC installations in smaller credit unions. More proof that the financial barriers to entry seem to be eroding.