The Rockland Trust Co. has entered the mobile banking arena.
The Rockland, Mass.-based bank – which has branches in Seekonk, Somerset, Fall River and New Bedford – is rolling out several services, including a smart-phone application that allows customers to deposit checks.
Jane Lundquist, vice president of retail banking, mortgage and corporate marketing, answered five questions about the new mobile-banking services.
PBN: Until now, what has been the extent of Rockland Trust’s mobile banking services? And now?
LUNDQUIST: Over the past year, Rockland Trust has done extensive research to determine how best to enter into the mobile banking space, exploring things such as what customers are looking for and what vendors to partner with. The past several months included testing new mobile capabilities prior to offering them to our customers and prospects. We now have a suite of mobile banking services, which includes traditional mobile banking (check balances, transfer funds, set alerts) as well as our innovative mobile deposit service, mDeposit.
We felt that it was important for us to appeal to all different types of mobile phone users. There are three ways to use mobile banking at Rockland Trust: text banking, mobile Web through a smart phone’s Web browser, and downloadable apps for iPhones, Blackberrys and Android [phones]. And unlike many other bank’s mobile services, at Rockland Trust you do not need to be an online banking user to sign up and use our mobile banking products and services.
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PBN: One of the most interesting new features is mDeposit. Explain how it works. Is it for individuals and businesses?
LUNDQUIST: We are really excited about offering mDeposit. This is a service that allows customers to easily deposit checks directly from their phones by taking a picture of a check and submitting through a mobile app. This service is available for both consumers and businesses, and currently is available for iPhone users. We are developing this capability for both Blackberry and Android phones, and that will be available soon. We believe we are the first bank in the nation to offer this service for business customers.
PBN: Any concerns about fraud and security?
LUNDQUIST: Mobile banking offers the same security features and protection as our other online services, including encryption and password security. We are always monitoring accounts for potential fraud and feel we have set appropriate check-deposit limits based on the customer relationship with Rockland Trust.
PBN: Is mDeposit something consumer surveys have shown customers wanted? What has been the acceptance rate among customers at other banks that have implemented this technology?
LUNDQUIST: Our market research indicates that both consumers and businesses are looking for convenience and value in their banking relationship. This product offers both, as it’s really easy to use and it’s free. There are not a lot of institutions that have offered mobile deposit services, and we do not know their acceptance rate. We have had a lot of interest since we’ve made this available, with more than 1,000 customers enrolling in mobile banking and almost 200 mDeposit app downloads in just four business days.
PBN: What can we expect from Rockland Trust in the future in terms of mobile banking?
LUNDQUIST: We are going to expand our mDeposit capability to all types of smart phones. In addition, we are looking into incorporating mobile bill paying as a new service. We are also researching how to deploy a mobile-payment product. We continually obtain feedback from customers and evaluate technologies and services to look for new ways to offer convenience and value. Our objective is to make banking at Rockland Trust easy and provide exemplary service whether you are using our mobile technology or working directly with one of our staff.
