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The Green Sheet

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Loosening the Reins on Mobile Deposit – RDC Poll Central Insights

Wednesday, March 27, 2019 (RemoteDepositCapture.com / RemoteDepositCapture.com)

With risks well under control, Financial Institutions are improving their approach to Mobile Deposit Limits.
For years, one of the biggest complaints by mobile deposit users has been that deposit limits are too low. Conversely, financial institutions have kept limits low due to the believed risk of fraud. Now, technological advancements and several years of experience have paved the way to better manage mobile deposit risks while also pleasing their customers.

One Size Does Not Fit All

As with almost any service or product, as time goes by and technology improves, products and services become increasingly segmented and tailored to the unique needs of the consumer. The same holds true for Mobile Deposit. Most financial institutions today segment their mobile clients into at least two categories, each with unique risk approaches; 1) New clients, who have lower value and volume limits, as well as delayed availability, and 2) Established clients, who receive higher value and volume limits and have relatively faster availability.

For example, many FIs have a 60-90 day “probationary” period when new mobile deposit clients might have a per-item limit of $1,500 and receive 2-day funds availability on deposited items. Meanwhile, “established” clients might have a per-item limit of $5,000 and receive next-day funds availability. Many FIs have numerous segments (segments for college students, High-Net Worth clients, mortgage customers, etc.) with varying approaches on limits and availability in an effort to best match the level of risk mitigation with the actual level of risk.

Show Me the Money!

With a decade of Mobile Deposit now under our belt, one thing is crystal clear: The actual losses did not live up to the hype. Part of this may have been due to FIs doing a great job on risk management. Part of this may have been due to the fact that the risks were simply overblown. Either way, actual losses due specifically to mobile deposit fell far short of expected thresholds. This result enabled many financial institutions to raise deposit limits, and in some cases, even eliminate deposit limits altogether.



The RDC Poll Central poll for March was “For Financial Institutions: What is your "Standard" Per-Item Dollar Limit for your Consumer Mobile Deposit Clients?” 19% of respondents indicated their “standard” limit is either above $10,000, custom, or there is no limit at all. -And as the above graph denotes, we’ve polled the industry for three years now, and the percentage of FIs with standard limits between $2,001 and $5,000 has grown every year, and now represents over half of all FIs polled. The trend is clear: FIs are increasing, customizing, and in some cases, eliminating their mobile deposit limits.

For much more detailed information about industry approaches to Mobile Deposit, please see our webinar, Results & Insights from the 2018 Mobile Deposit Industry Study.

To participate in close to a dozen ongoing polls, please visit RDC Poll Central. Once you vote, you can see the overall results of each poll. -And be sure to participate in this month’s new poll on Integrated Receivables.


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