Mobile Deposit No Longer Just for Millennials
Posted by Rachel Stephens, Product Manager, Marketing Services, Harland Clarke on 9/26/2017

A whopping 91 percent of millennials own a smartphone, and 75 percent use their mobile phone to deposit checks and check balances. It’s true this generation’s digital fluency means they’re leading the mobile deposit charge, but the last few years have shown demonstrated growth in this capability among all demographics.

The Growth in Mobile Banking Among Gen X and Boomers

Mobile banking is no longer just for Millennials and Gen Z. In fact, recent findings from FindABetterBank indicate that well over 50 percent of consumers under age 54 consider mobile deposit to be a “must have” or “nice to have” feature.

Only 12 percent of those aged 55+ utilize mobile banking, but these numbers are likely to increase as the use of smartphones, apps and mobile payments become more commonplace in years to come and the technology becomes even more user-friendly.

Benefits to Mobile Deposit for Credit Unions

Slow mobile deposit adoption is disappointing, especially considering the large benefits for credit unions when it comes to increasing mobile deposits:

A Powerful Way to Increase Adoption

You know the value in greater mobile deposit adoption, but how do you increase usage, particularly among the less digital generations who are ultimately concerned with security?

Incentivizing use is always a great way to motivate users to try something new, and mobile deposit is no exception.

Credit unions struggling to find a way to connect with members should consider Harland Clarke’s turnkey and custom direct mail programs.

As part of these programs, credit unions send to targeted members a personalized, low-value check to deposit using their mobile device. Members who want to try out mobile deposit will be encouraged to do so because of the extra incentive and they’ll be able to see how safe, secure and convenient it is. Once they try it, they’re sure to continue using it.

Best of all, Harland Clarke completely manages the marketing and implementation of the program, allowing credit unions to effortlessly grow their mobile deposit usage over time.

Download our new white paper, “Best Practices for Moving Mobile Forward, to learn five best practices on using mobile deposit to boost growth”

Categories: Sales & Service, Technology Consulting & Compliance
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