ROI with MOBILE BANKING

Forrester analysts have come up with a return on investment (ROI) figure for mobile banking of 15.7 percent, based on a hypothetical bank with 500,000 customers. The estimate is based on the ability to reduce costs, retain customers, and cross-sell through a mobile banking service.

A Forrester consumer survey found that 43 percent of U.S. users of mobile banking said they had made fewer phone calls to their bank’s call center since adopting mobile banking and 35 percent said they visited branches less often than they did before adopting mobile banking. Forrester analysts project that a bank with 500,000 retail customers could achieve a savings of more than $150,000 by the reduced traffic in branches and call centers. The survey also found that 30 percent of U.S. mobile banking users reported mobile banking has made them more likely to stay with the bank from which they receive the service.

The bank with 500,000 retail customers in Forrester’s model could save more than $450,000 in annual revenues from reduced attrition among this customer set. These finding are not specific to a mobile banking application with a mobile check deposit feature, so it is safe to say that the savings would be much much larger with Mobile Deposit within a mobile banking application.

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