Case Study: University Federal Credit Union achieves rapid mobile deposit adoption and $16M in deposits with Mitek Systems

Mobile Deposit Helps Acquire New Customers and Boosts Mobile Banking Adoption

University Federal Credit Union (UFCU), a $1.5B credit union serving Austin and Galveston with many student members, needed a convenient way to serve members who live on- and off-campus and to grow and retain long-term relationships. UFCU’s challenge was to offer mobile banking capabilities that met members’ expectations for convenience—especially for students and their parents—while encouraging enrollment and engagement across demographics.

UFCU deployed Mobile Deposit® from Mitek (via mFoundry and Ensenta), allowing members to deposit checks by photographing the front and back with a smartphone or tablet. The feature was promoted across marketing channels and quickly drove adoption: $16M deposited in the first eight months, roughly 8,000 mobile deposits per month (about $3.5M/month), 26,000 registered mobile users (≈17% of members) with 20% using Mobile Deposit, and growing usage across all age groups.

University Federal Credit Union

Bryan Mishkin

Senior Manager of eServices