Snap happy mobile banking customers deposit checks via photos
Earlier this month, Juniper Research released their “Mobile Banking: Handset & Tablet Market Strategies 2013-2017” report revealing that, within the next four years, 19% of tablet owners will carry out bill payments via their mobile device compared to the 9% that currently do so.
New research, this time from mobile document capture software firm Mitek, found that Americans are increasingly comfortable with depositing money into their accounts simply by taking a photo of a check. More than 12 million have now done so, depositing more than $40 billion in to accounts. According to Mitek president and CEO, James B. DeBello, mobile banking is not only fast, easy, and gratifying, it’s also fun.
It’s not only good news for mobile customers, but also for the banks themselves. Mitek estimates Mobile Deposit has saved banks more than $100 million in transaction costs with major banks reporting savings of around $3.88 with each mobile deposit over a teller transaction.
According to business consultants AlixPartners, mobile deposit is the main feature demanded by all smartphone and tablet owners who would switch banks for mobile banking.
“Mobile Deposit can be credited with helping grow our overall customer base, as we saw a 10% increase in account openings in the first 13 months following its introduction,” said Lori Adamski, executive VP and COO of Conestoga Bank. “Now three years later, this service has proven to be a true differentiator and an integral part of our customer acquisition strategy.”
