Cachet Builds Mobile Check Depositing App for Smaller Banks
Local banks and credit unions have struggled to find a method in which they can stay competitive against bigger banks. Cachet has introduced its new app for smaller financial institutions that utilizes cloud to help customers facilitate mobile deposits.
Smaller banks may not have the budget or manpower that is needed to provide a technologically advanced banking app that enables their customers to perform mobile banking. Cachet looks to even the playing field between the big banks and small banks by providing a white label, brandable app that consumers can use to bank from their mobile device.
Cachet’s Select Mobile Deposit Express provides banks with client services, strategic marketing opportunities, a function to disallow duplicate deposits and other advanced risk mitigation features. Cachet even provides a 24/7 helpdesk to help clear up any questions or confusions when using the app.
“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,” says Jeffrey Mack, 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,” adds Mack.
The use of mobile banking apps that allow you to remote deposit checks into your checking accounts has risen sharply over the past few years. In fact, according to Celent, nearly 1 in 3 banking consumers will use a remote deposit app in 2015. In 2016, Celent expect one out of every two consumers to begin depositing checks from their mobile device.
By offering a cloud based app to smaller banks, consumers who have an Android or iOS device can begin eliminating trips to the bank by simply snapping a picture of their checks. Banks gain an advantage because Cachet’s Select Mobile Deposit Express solution provides speed to market and increased ROI. Learn more at CachetFinancial.com.
