Pentagon Federal Members Take Up Home Deposit Enthusiastically
Members of the $14.3 billion Pentagon Federal Credit Union have responded with enthusiasm to a program that allows them to make deposits from the convenience of their homes.
The credit union began offering its members "Deposit Anywhere" with the help of a program called Consumer Source Capture from FiServ in June, 2010. The program places a link on the members home banking page on the credit union's website and to use the program the member clicks the link and follows the instructions.
Gary Brand, director of source capture optimization for Fiserv, said the technology takes advantage of scanning technology that is becoming increasingly prevalent in many homes, often as part of a computer printer or other device.
"The adoption rate has soared beyond our expectations. In fact, we had members using 'Deposit Anywhere' before we had even begun to market it," said Mike Williams, vice president for Applications Management for Pentagon.
"Clearly our members found this easy to use and convenient, and we expect to see adoption continue to climb. This is just part of PenFed's overall strategy of moving more members and transactions to the online channel and away from 'brick and mortar' branches."