Community Bank & Credit Union Mobile Banking & Remote Deposit Capture Snapshot
Mobile banking and mobile remote deposit capture technologies are rapidly moving down-market.
First Annapolis recently conducted a primary research study of 250 community banks and credit unions to evaluate the penetration of mobile banking (mBanking) and mobile remote deposit capture (mRDC) services among smaller financial institutions.
Figure 1: Penetration of mBanking and mRDC
Note: Analysis excludes banks with assets greater than $5 billion as well as any financial institutions with assets less than $100 million at year-end 2014. Penetration rates are likely understated as research is based off of offerings available on FI websites.
Source: FI websites, First Annapolis Consulting primary research and analysis.
Key findings from the research include:
- 82% of FIs in the sample base (and more than 75% of the FIs within each asset group) currently offer a mobile banking app for retail banking customers.
- 28% of the sample advertises the availability of mobile banking apps specifically to business customers.
- 64% of FIs sampled (78% of sampled FIs with mBanking) offer mRDC for consumers, although penetration levels decrease with asset size: 87% of FIs with assets over $3Bn offer mRDC, compared to 62% of FIs with assets between $1B and $3B and 46% of FIs with assets under $1Bn.
- Only 20% of FIs examined promote an mRDC solution for business customers.
This research suggests that mobile banking and remote deposit capture services are becoming widely available—regardless of what size institution a consumer chooses to bank with.
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