In comparison to mobile payment apps, mobile deposit capabilities rarely get any attention. Most likely that is because mobile remote deposit capture (mRDC) deals with checks which no one talks about except to comment on its impending demise. But, there are still plenty of checks in the system (far more than mobile payments) and depositing them through a mobile app is a true convenience for financial institution customers.
Forbes highlighted a report authored by Jim Van Dyke, founder of Futurion that aims to grade some of the available mobile deposit services:
Mobile deposit has limited adoption – only four out of 10 banking customers have ever used it, and only 53 percent of those are highly active users.
The key reason for low adoption is that many banks don’t do mobile deposit very well. Nearly three-quarters of a typical financial institution’s mobile deposit adoption and usage can be predicted by the strength of their customer experience, the report found.
Banks’ customer experience and related policies need improvement and are likely the fundamental reason why there has not been continues explosive growth in MD (mobile deposits).
The report suggest that those financial institutions looking to improve their offering should focus on deposit error prevention and item processing, fees, deposit limits, physical check retention clearer terminology and efficiency of use.
Overview by Sarah Grotta, Director, Debit Advisory Service at Mercator Advisory Group
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