2. Increase mobile deposit limits and funds availability during tax season
Every institution sets its own policies for check deposit limits and funds availability, often based on the deposit channel. But it may be time to review your approach on mobile deposits. Consumers often think depositing a check with a teller may speed up the funds availability process, regardless of your institution’s check limit policy. To change that perception and drive more check deposits in the mobile channel, you may consider:
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- Increasing deposit limits during tax season to accommodate higher‑dollar Treasury checks, as the average IRS refund check for 2021 was $2,323.00
- Raising deposit-review thresholds and instructing staff to quickly review Treasury check deposits
- Adjusting your policy for remote deposit funds availability to be consistent with that of branch deposits
3. Promote mobile deposits
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Ramp up your marketing program to promote mobile deposits in preparation for the IRS refund-check season. An effective marketing campaign will educate your accountholders on the benefits of mobile transactions and help drive greater adoption in your digital channels. There are many cost-efficient sources for turnkey marketing programs and data analytics to help you promote this service. But don’t forget, your frontline branch staff may be your most influential advocates for accountholder adoption of mobile deposits.
4. Give accountholders what they want
If you aren’t offering and promoting a mobile deposit option today, you can bet your competitors are. Depositor behavior is changing quickly. Building on the momentum of the digital shift can help increase mobile channel use and accountholder satisfaction.
5. Realize efficiencies
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Improving branch efficiency and reducing costs are constant challenges. The solution may be to drive more traffic to the mobile channel. Throughout the pandemic, accountholders appreciated and embraced digital options and greater control over their deposits. By shifting your business to mobile, you also reduce stress on your branch workforce while reducing per-transaction costs.
Sustain mobile momentum
Encouraging use of your digital channels during tax-refund season can be a starting point in driving mobile deposit synergy for your financial institution. And it’s likely an initiative that aligns with your institution’s overall digital transformation strategy. Now is an excellent time to begin.
Source: https://tholansonnha.com
Category: mobile
