MINNEAPOLIS, Oct. 25, 2016 (GLOBE NEWSWIRE) -- Cachet Financial Solutions (OTCQB:CAFN), a leading mobile FinTech provider of cloud-based remote deposit capture (RDC) and mobile money solutions, is supporting the rapid growth of non-traditional banking with Select Mobile™ Deposit, the company’s cloud-based solution that enables mobile banking customers to use their smartphone or tablet to deposit checks electronically anywhere, anytime.
Available for integration with virtually any iOS or Android mobile banking app, Select Mobile Deposit allows customers to use the camera on their mobile device to snap a photo of the front and back of a check and then submit it electronically for deposit into their account.
The recent selection of Select Mobile Deposit by Varo Money, a mobile banking app provider, has followed similar adoptions by a number of other virtual banks, including Chime and Seed, which have turned to Cachet to power mobile remote deposit capture, or mRDC, in their mobile apps.
These adoptions are reflecting major industry trends, including a 25% increase in the number of financial institutions offering mobile banking apps, and this being largely driven by the 230 million camera-enabled mobile devices now in use by U.S. consumers. With one in 10 U.S. adults using mobile banking for the very first time in 2015, amounting to 25 million new mobile bankers, all of which has led to mobile banking activity finally exceeding branch banking activity nationwide.
“Cachet is helping to improve the banking experience by delivering a fast to deploy, convenient and secure mobile deposit solution that integrates seamlessly with any mobile banking app,” said Cachet president and CEO, Jeffrey Mack. “Select Mobile Deposit is allowing virtual banks to compete more effectively, strengthen customer relationships, and especially attract today’s mobile-first millennials.”
Online-only banks have been the only category of banks to gain share in the past decade among retail customers establishing or moving their primary banking relationships, according to TNS research reported by CNBC. Online-only banks are attracting about 12% of all new primary banking relationships in the U.S., compared with only 4% a decade ago. A good part of this growth is reportedly coming from the millennial generation, which represents a more desirable demographic of younger and more affluent customers.
“Our proven mobile deposit technology is supporting the emergence of the next generation of banking services that is provided entirely via mobile devices, and this is providing consumers greater and more convenient control over their banking experience and finances,” continued Mack. “Our Select Mobile Deposit is actually helping banks of all types and sizes, both virtual and bricks-and-mortar, expand their geographic reach beyond traditional physical locations, and attract wider and more diverse demographics.”
Unique to Cachet’s Select Mobile Deposit is the flexibility to allow unlimited business groups, with defined rules per group, when managing check deposit acceptance. For example, as the relationship matures, banks can advance a customer to the next level of deposit acceptance, such as allowing higher deposit limits or higher limit per day. Also, unlike other solutions that can only run deposits in batches at the end of the day, Select Mobile Deposit accepts deposits throughout the day, enabling faster deposits and improving the overall user experience.
For both consumers and business, mRDC saves the time and expense of a trip to the bank or ATM when needing to make a deposit.
To learn more about Select Mobile Deposit, visit www.cachetfinancial.com or email info@cachetfinancial.com.
About Cachet Financial Solutions, Inc.
Cachet Financial Solutions is a leading cloud-based, SaaS technology provider serving the financial services industry with mobile money and remote deposit capture solutions for PC, Mac and mobile. Founded in early 2010, Cachet has quickly grown into a technology leader and trusted partner of some of the largest and most respected financial organizations. With remarkable growth, an impressive client base and award-winning technology, Cachet continues to drive innovation and deliver world-class solutions to financial institutions of all sizes.
Cachet believes that its industry-leading solutions can help the company’s clients increase customer retention and revenue opportunities. Cachet's cloud-based technology platform simplifies development, deployment and servicing of consumer and commercial solutions—minimizing cost and accelerating speed-to-market for Cachet’s clients. Enabled by Cachet's suite of business and consumer solutions, financial institutions can better serve the needs of all their customers. For more information, visit www.cachetfinancial.com.
Forward-Looking Statements
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