Hope Federal Credit Union, a $169 million institution headquartered in Jackson, Miss., with a mission to serve the region’s under- and unbanked, has announced that its debut of mobile remote deposit capture is proving immensely popular and may even help the institution attract new members, said Bill Bynum, Hope’s CEO.
Bynum said that before MRDC, Hope had around 800 mobile banking members. “We have added 1,900 more just since we started offering MRDC in December.”
“Low income people and people of color, groups that are our core, use smartphones at a higher rate than the general population,” said Bynum. Many do not have a personal computer at home, thus the smartphone is their primary means of accessing the Internet and its communication technologies.
Said Bynum: “Many of our target members live in very small communities. It’s not practical for us to have bricks and mortar everywhere. So we see mobile as a great opportunity to extend our services.”
He indicated that Hope’s goal is to double its membership – presently 28,000 – in the next couple years. “Mobile will play a big role in that,” said Bynum.
“Our mobile banking services are on a par with or superior to those offered by many bigger, traditional institutions. This is letting us compete.”
Bynum said that before year-end, Hope also plans to debut MoneyDesktop, the personal finance manager. The Hope version will be available both online and via mobile devices and, said Bynum, “it will help our members make smarter financial decisions.”