Second Annual Mobile Deposit Benchmark Report Shows Adoption Accelerating at Record Pace
"This new research makes it clear that financial institutions must continually improve the customer experience and recommit to building awareness of their mobile deposit services or risk being perceived as digital transformation laggards," said Jim Van Dyke, CEO, Futurion. "By adopting auto-capture, increasing deposit limits and giving customers immediate access to their funds, the leading FIs have been able to improve their user experience and attract customers to their mobile deposit services in record numbers."
Futurion surveyed more than 1,000
Key findings include:
- More than 40 percent of current mobile deposit users in the
U.S.adopted the service within the past year, indicating a rapidly accelerating mobile deposit adoption growth rate.
- Nearly three-quarters of existing mobile deposit users said they are "very or somewhat likely" to recommend it to others.
- Nearly all the FIs incorporated auto-capture technology into their mobile deposit workflows, which dramatically improves the user experience and ease-of-use.
- User experience was found to be the most significant factor affecting recommendation likelihood, with "ease of use" being cited most by consumers as the biggest motivator for adoption.
- The top three institutions with the highest mobile deposit customer experience ratings are (in ranked order): Capital One, Wells Fargo and BBVA.
Fifth Third Bankand PNC Banktied for fourth place.
- Wells Fargo climbed to second place in this year's report (from its sixth-place position in the 2016 report) due to an improved user experience and excellent use of real-time status updates.
While these features have significantly increased use, the research also points out some important barriers to mobile deposit adoption that must be addressed by FIs that want to keep pace with consumer expectations. These include: a perceived opportunity for fraud, concerns about fees, deposit limits that penalize consumers for use, lag time between deposit and access to funds and a lack of training on mobile deposit services with in-branch staff.
"A great mobile deposit user experience is integral to a FI's digital transformation strategy and one of the most powerful tools available for enticing customers to do their banking through lower-cost, digital channels," said
To download the full report, view a complete ranking of the financial institutions evaluated and read detailed recommendations for how financial institutions can improve their mobile deposit user experience, visit: https://www.miteksystems.com/Mobile_Deposit_Benchmark_Report_2017
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