Mobile banking is the wave of the future as smartphone users now make up more than half of all mobile phones operating in the United States, according to Nielsen.
While basic applications for mobile banking have been around for a couple of years, Signature Bank of Arkansas is one of the first local institutions to allow express deposits for smartphone users.
Citibank and Chase are among a handful of larger institutions across the country that already offer deposits via smartphones. Bank of America is expected to roll out the service later this year.
Gary Head, Chairman and CEO of Signature Bank of Arkansas announced the addition of Signature XpressDeposit to the bank’s mobile services on Friday (March 16).
The XpressDeposit app offers a new level of convenience, according to Head.
“It’s as easy as taking a picture of the front of the check, taking a picture of the back of the check and submitting it to the bank with an iPhone® 3 or higher, Andriod or Blackberry,” he said.
The old system of having bank locations all over town isn’t what consumers want today, he said. Now that more consumers on the go are opting for convenience, choosing to bank online, pay bills online and get cash via ATM withdrawals.
Adding check deposit via smartphone is a natural progression to the mobile banking services already offered.
“Don’t get us wrong, we love seeing our customers in the bank but we realize customers are busy and whatever we can do to help them save time for family and friends is always good,” Head said.