Mobile Deposit

Mobilization of deposit to a bank is as essential as oxygen for human being, (Deb, K. 1988). Deposit mobilization is one of the core functions of banking business and so an important source of working capital for the bank. Since deposits are normally considered as a cost effective source of working fund, the bank's ability to lend more as well as its success greatly lies on its deposit mobilization. Walk in deposit remains the major system where by customers are able to deposit money into their account. This has led to long queues in banking halls to the displeasure of customers since they have to spend a lot of time just to deposit money. In addition, the banks are unable to mobilize deposit from the unbanked since they don't have physical presence in these communities. On the other hand, if the banks can adopt a system where by people in these communities could operate an account and make regular deposits without necessarily visiting the bank, then the bank can mobilize cheap funds to augment its working capital. The findings show that mobile deposit has proven to be very effective means of mobilizing deposit apart from the traditional usual walk in deposit system.

Autorentext

Francis Appiah-Kubi Banson, MBA: Studied Finance at Wisconsin International University College. A Banker, Accountant, Financial Analyst, Logistician and a Researcher with key interest in banking and finance. He has conducted and assisted in several research projects with publications in peer review journals.