|By Business Wire||
|August 22, 2014 10:30 AM EDT||
Malauzai Software, a provider of mobile banking SmartApps for community financial institutions, has seen significant growth in banking via the smartphone camera in the first half of 2014. Usage of mobile banking features such as mobile remote deposit capture and mobile photo bill pay has increased as smartphone cameras have advanced in functionality. These advances have also paved the way for new services to be introduced.
PicturePay® Mobile Photo Bill Pay
Since its launch nearly two years ago, PicturePay®, developed by Malauzai and Allied Payment Network, has been adopted by more than 14 financial institutions and is used by 15 percent of Malauzai’s active mobile banking users. PicturePay sees three to four times higher usage than standard bill pay. The average payment value has seen a 20 percent increase year over year.
“We were the first institution in the country to launch mobile photo bill pay and have continued to see value from it,” said Jeff Casey, senior vice president of alternative delivery channels at Abilene, Texas-based First Financial Bankshares. “The feature improves convenience for our customers by taking the tedious ‘add a payee’ step out of bill pay. We have seen an 80 percent increase in transaction volume with a 35 percent uptick in the number of customers using the feature.”
Mobile Remote Deposit Capture (MRDC)
MRDC has enjoyed overwhelming success since it first appeared on the market. Malauzai has helped more than 90 of its bank and credit union clients deploy the service. In July alone, 18,000 users conducted 40,400 deposits. There has been a nearly 62 percent increase in usage in 2014.
Mobile Account Opening/On-Boarding
The proliferation of the smartphone camera in mobile banking has led to additional mobile features that take advantage of the efficiency and convenience afforded by simply taking pictures of documents. One growing area is mobile account opening. The camera allows branch employees to streamline the customer on-boarding process by taking photos of necessary documents and automatically populating data fields with the information. As a self-service channel, consumers can use the same method to open new accounts outside of the branch.
“With more smartphones boasting high-end megapixel cameras, it’s no surprise that consumers are relying solely on their mobile devices for picture taking,” said Robb Gaynor, chief product officer of Malauzai Solutions.”That’s why the smartphone camera is the perfect conduit for mobile banking innovation as account holders embrace the idea of conducting financial business via pictures.”
About Malauzai Software
Malauzai was incorporated in 2009 in response to the growing demand for a technology company that could provide innovative mobile solutions for community financial organizations. As a cool company in a cool town with a focus primarily on community financial institutions, Malauzai looks to provide mobile solutions that will enhance the customer experience ultimately resulting in increased value for financial institutions.
Sep. 25, 2016 08:15 AM EDT Reads: 1,451
Sep. 25, 2016 08:00 AM EDT Reads: 1,479
Sep. 25, 2016 08:00 AM EDT Reads: 1,489
Sep. 25, 2016 08:00 AM EDT Reads: 1,660
Sep. 25, 2016 07:30 AM EDT Reads: 1,754
Sep. 25, 2016 06:30 AM EDT Reads: 2,799
Sep. 25, 2016 05:45 AM EDT Reads: 1,607
Sep. 25, 2016 05:30 AM EDT Reads: 983
Sep. 25, 2016 04:45 AM EDT Reads: 1,506
Sep. 25, 2016 04:15 AM EDT Reads: 1,682
Sep. 25, 2016 04:15 AM EDT Reads: 1,381
Sep. 25, 2016 03:15 AM EDT Reads: 3,353
Sep. 25, 2016 02:45 AM EDT Reads: 1,715
Sep. 25, 2016 02:45 AM EDT Reads: 879
Sep. 25, 2016 02:15 AM EDT Reads: 1,216