As a forward-thinking financial institution, Brownwood, Texas-based TexasBank has always strived to provide its customers with the same technologies as big-box banks. So when it came to deploying an innovative, user-friendly mobile banking app, the bank made no exception.
“We recognized the importance that mobile devices play in our own lives. People are on the go, and convenience is no longer considered a luxury—it is a must,” says Janet Ogden, vice president of Retail Services for TexasBank, a CSI Meridian.NET core processing customer since 1985. “We are a player in our market. To compete with the big banks, we have to meet the demands of our customers, and mobile banking is one of those demands.”
The Numbers Tell the Story
CSI’s innovative mobile banking app was an instant hit with TexasBank’s existing customers when it was deployed nearly three years ago. But when a national bank closed its area branches, TexasBank had the idea—and opportunity—to gain new customers who were looking to retain the services they’d come to depend on.
“We ran a very successful campaign directed at those customers in particular, where we gained more than 3,000 new accounts and $30 million in new deposits,” Ogden says. The bank used both traditional advertising channels like newspaper and radio ads, as well as some that capitalized on technology, including Facebook, text messaging and email.
“Mobile banking wasn’t the only reason these customers chose TexasBank, but we know it was a contributing factor,” Ogden adds. “We’ve seen the increase in mobile transactions, so it’s clear those customers we gained are users of mobile technology.”
The TexasBank management team has gathered some impressive numbers surrounding their mobile app usage. The year-over-year statistics show concrete proof that mobile banking is becoming indispensable:
- In May 2013, the total dollar amount of TexasBank’s mobile app transactions was $309,705. In May 2014, that number rose to $1,155,240.
- The number of mobile app transactions in May 2013 totaled 1,020. For the same month in 2014, it was 3,122.
Deposits Are a Click Away
Also, since adding CSI’s mobile remote deposit capture solution to its suite of offerings, TexasBank has further solidified its place with younger customers who expect mobile conveniences.
“Mobile deposit was the next step in our line of thinking,” Ogden says. “With mobile deposit, geography is no longer a barrier. For instance, many of our current customers are college students who, because of mobile deposit, won’t be forced to change banks upon graduation.”
And again, the numbers don’t lie. TexasBank has seen enormous increases in mobile deposits. For instance, they grew from an adjusted total of $11,000 in September 2013 to $250,000 by May 2014.
A Core That Gives Them More
It’s no small benefit when banks can get innovative solutions like mobile banking apps from their core provider. Ogden says doing so simplifies processes and ensures quick resolution for any issues that arise.
“When working with several different vendors, there always seems to be compatibility issues to work through. And it’s often hard to narrow down exactly where the problem lies,” she says. “The process is much more streamlined when your core provider is the driving the force behind your ancillary products.”