Mercantile Bank of Michigan was founded in 1997 as a community bank primarily serving small and medium-sized commercial customers. In recent years, the bank decided to expand its retail portfolio and associated core deposits. To support this goal, Mercantile Bank chose to leverage Mobile Deposit.
This case study sheds light on some of the many benefits Mercantile Bank has received as result of their deployment:
- Deployed solution in just over 30 days
- Monthly enrollment for Consumer Deposit Capture (CDC) has increased 400%
- More than 20% of mobile banking customers were using Mobile Deposit within four months
- Value of retail deposits initiated via Mobile Deposit has surpassed those initiated via flat-bed scanner