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Arvest Bank implements Mobile Check Deposits

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Lawton, OK_ As fees continue to rise at banks across the country, Arvest Bank has implemented the latest in retail banking technology to customers at no additional cost when making mobile deposits to personal deposit accounts. A result of growing customer demand for more technology-focused banking convenience, mobile check deposits are now available as part of the Arvest Mobile Banking application for iPhone® and Android™.  This is among the most sought-after services by today's banking consumer and is changing the way deposits are made.

Mobile check deposits allow consumers to use their smartphones camera capability to take photos of a check and deposit it remotely, anytime, from almost anywhere, without ever setting foot in their bank. First introduced into the banking industry in 2009 and still considered a novelty service, as the popularity of smart phones has grown in the past two years, so has the demand for mobile deposits. In May 2011 a Javelin Strategy & Research study reported 25% of all consumers and 50% of mobile banking users wanted mobile check deposit, but at the time only three of the ten largest banks in the U.S. offered the service.1   Although more banks have moved towards offering mobile deposits for their customers, it is a convenience that has yet to arrive for the vast majority of banking consumers.

"The explosive growth of smart phones and mobile banking has changed the way most people bank. Mobile check deposits allow consumers to do even more of their banking on the go," said Jason Kincy, Arvest Bank spokesman. "This feature certainly adds value to our mobile application and we are excited to offer this service to our customers.  The response so far has been tremendous; our customers are adopting these new technologies very quickly."

With the emergence of a new mobile banking technology come certain security risks, but banks are taking steps to protect against fraud with mobile banking deposits.  Most require customers to have accounts in good standing and to already be enrolled in mobile banking to use the feature. Additionally, parameters to protect the bank from fraud are in place such as deposit limits, and limited availability of the total deposit until funds can be verified.

"There are risks, as with anything in this industry, but we are confident in the security of our system," said Kincy. "Customers are required to sign in with their authorized mobile banking username and password and can only make deposits through the secure mobile application."

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