Search
 

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, its deposited into their account.

By Robert McGarvey | Updated on October 22, 2012
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.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2024 ALM Global, LLC. All Rights Reserved.