Mobile Deposits Grow Rapidly As Customers Adopt Technology

Monday, April 14 at 06:05 AM
Category: Arvest News

Smartphones and tablets have changed the way people bank. Arvest has seen more than a 200 percent increase in the number of mobile check deposits made by customers in a year-over-year comparison.

FAYETTEVILLE, Ark., — Just seventeen months after the service was first introduced, mobile check deposits are now the norm for thousands of Arvest Bank customers. In January and February 2013, the average number of Arvest mobile check deposits was 23,914. During that same time period in 2014, the bank saw an average of 73,148 mobile check deposits, or a 202 percent increase. Since November 2012, Arvest customers have deposited more than 798,800 checks and more than $250 million dollars – all from their mobile devices.

With this rapid adoption of mobile banking technology, there is no denying that the widespread use of smartphones and tablets has changed the way many consumers bank. From 2012 to 2013 smartphone ownership increased by more than 25 percent* in the United States, and tablet ownership increased nearly 60 percent.*

“The idea of snapping a photo of a check to make a deposit is something that may have been hard for some customers to get used to, but once they try it and see how easy it is, they love it,” said Wade Satterfield, Director of Digital Service Systems at Arvest Bank. “As you can see by these numbers, our customers have really embraced mobile check deposits.”

With more consumers using mobile devices to bank than ever before, it is to be expected that the possibilities for using mobile devices will continue to grow beyond just checking balances and transferring funds. The rapid adoption of mobile banking technology throughout the past couple of years has led some to speculate that the traditional bank branch on its way to extinction. However, while mobile banking options certainly add to the convenience of banking today, branches are still relevant.

According to Bankrate.com’s March 2014 Financial Security Index charts,* older people were more likely to visit their bank. Twenty-nine percent of those between 30 and 49 years old said they visited their bank within the past week, versus 19 percent of those between 18 and 29 years old. The survey also found that more education equated more trips to the bank. Thirty-five percent of respondents with college experience said they visited the bank within the last week, versus 21 percent who had a high school education or less.

“The number and location of bank branches, as well as their functionality, will continue to evolve, but clearly they’re not going away,” said Greg McBride, Bankrate.com’s chief financial analyst, in a prepared statement. 

While embracing technology, Arvest Bank is still committed to providing a strong branch network to its customers. As many national and regional banks are abandoning smaller communities or are reducing branch services or hours, Arvest has continued to grow its branch network.  In the past year the bank has added more than 30 new locations, either by acquisition or construction.  Additionally, many Arvest Bank locations offer 12-hour banking, either from 7 a.m. to 7 p.m. or 8 a.m. to 8 p.m. 

“Our goal is always to provide the financial tools and resources that our customers need, whether they are sitting on their couch using an iPad, or visiting us in one of our branches,” Satterfield continued. “Arvest will continue to adopt the banking technology that will benefit our customers at the time and pace that makes sense for us, as well as supporting our strong branch network. We want our customers to have multiple banking channels, and they can choose what suits them best.”

Links marked with * go to a third-party site not operated or endorsed by Arvest Bank, an FDIC-insured institution.
 

 

Tags: Mobile Banking, Press Release, Technology
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