McGraw-Hill Federal Credit Union is enhancing its mobile app with Mobile My Deposit, a solution that enables customers to deposit checks via their iPhone or Android device (view press release). By taking a picture of a check with their smartphone, members will be able to upload the funds directly to their checking or savings account. A study conducted by AlixPartners LLP has shown that the percentage of adult Americans using mobile check deposit in 2011 was only 2%. This percentage is however expected to increase significantly over the next few years due to extensive smartphone adoption. Moreover, the study revealed that 40% of customers interested in mobile banking consider the ability to make deposits with their mobile phones the number one factor in choosing or switching banks.
Other than remote check deposit, the McGraw-Hill Federal Credit Union mobile app also enables account holders to view balance, make bill payments, transfer funds and locate branches and ATMs.