Cachet Financial Solutions (CAFN), a leading provider of cloud-based SaaS (Software as a Service) mobile money technologies to banks, credit unions, and alternative financial services (AFS) providers, has launched an express version of its Select Mobile(TM) Deposit, providing smaller banks and credit unions across the U.S. with an affordable, market-ready mobile deposit solution to offer their customers and members.
Cachet's Select Mobile Deposit-Express removes the barriers to entry typical of mobile deposit solutions, enabling smaller financial institutions to compete more effectively for today's mobile-centric consumers and businesses. The market-ready, standalone mobile application minimizes start-up costs and simplifies deployment, accelerating speed to market and ROI for smaller financial institutions. The Express version comes with the same full-service support as Cachet's custom mobile deposit solution, including dedicated client services, strategic marketing, 24/7 helpdesk and advanced risk mitigation with duplicate detection.
"Despite tremendous growth in adoption, mobile deposit has been cost prohibitive for many smaller banks and credit unions, increasing risk of customer attrition and loss of market share," said Jeffrey Mack, president and CEO of Cachet. "Cachet's Select Mobile Deposit-Express is a game-changer for these financial institutions, enabling them to protect market share and compete with much larger competitors via quick and affordable deployment of an easy and secure mobile deposit solution."
Select Mobile Deposit-Express, a cloud-based software solution, is available for iOS or Android devices and enables a financial institution to offer its customers or members the ability to use their mobile device to deposit checks electronically—anywhere, anytime—eliminating trips to a branch or ATM. Users simply download the mobile app and use their smartphone or tablet to snap a photo of the front and back of their check and then submit electronically for deposit at their financial institution.
Through 2016, more than 6,000 financial institutions will offer mobile deposit, which will be used by approximately 87 million customers, according to a new Celent report, State of Remote Deposit Capture 2015. That would be up from about 5,000 financial institutions this year, and 62 million end users. Celent predicts RDC to account for a third of retail bank deposits by year-end 2015 and half by 2016.