US Bank Predicts Beacon-Enabled Personalized Banking Surge in 2015

by Edward O'Brien 0

U.S. Bank, working with mobile capturesoftware company Mitek, predicts that banks and financial institutions will seebeacon usage take off in 2015, helping deliver more personalized experiences.

The commerce institutions believe that moreconsumers will be gravitating towards mobile imaging in banking and deposits,as those functionalities enable users to take a photo with their mobiledevice’s camera to participate in a loyalty program or snap a photo of a creditcard to automatically populate the information. Enhanced smartphonecapabilities, in addition to the increasing adoption of beacons and otherproximity-based targeting efforts, are set to provide customers with morepersonalization than ever in the financial sector.

“Consumersnow have an appetite to conduct a transaction by using a camera to photograph adocument,” said James DeBello, CEO of Mitek,San Diego, Calif. “This will be deployed in retail locations and banks,particularly as technology has allowed for driver’s license capture. We’reanticipating the consumer trend to use the camera as a transaction device.”

With major banks such as Barclays alreadybeginning to roll out beacon technology in a bid to boost customization effortsand cater in-branch services to customers with special needs, more banks areset to follow in leveraging beacons in 2015. Consumers are growing more comfortable with opting in to release data inexchange for relevant, personalized experiences that will streamline bankvisits for the customers and employees.

Largely the result ofthe wide availability of smartphones and tablets, today’s banking customers areincreasingly trying, liking, and embracing new technologies as part of theirbanking experience. Such capabilities asusing the cameras of mobile devices for remote deposit capture andpre-populating fields on various documents, coupled with the expected increasein Bluetooth and beacon-enabled proximity locators have the potential to make bankingeasier and more efficient for customers and members, and improve their overall bankingexperience.

Overview by Ed O’Brien, Director, Banking Channels for Mercator Advisory Group

Read full article at Mobile Commerce Daily

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