Mobile Check Deposit Cited as #1 Mobile Feature

A recent study conducted by Mercatus LLC, a leading financial services strategy firm, found that mobile check deposit ranks as the top mobile-banking feature that would prompt consumers to switch primary banks.

In response to the question, “What are the most important features of mobile banking that would cause you to switch primary banks,” 43 percent of consumers interested in mobile banking cited mobile check deposit, according to the study, which was completed in May and previewed last week at the Mobile Banking and Emerging Applications Summit in New Orleans. Paying bills and checking account balances via mobile devices ranked second, both with 28 percent.

“Our survey results clearly show that Mobile Deposit® helps drive customer acquisition and ROI for financial institutions,” said Mercatus Managing Partner Robert B. Hedges, Jr. “The data we’ve gathered shows that mobile banking – with mobile check deposit as a cornerstone capability – is becoming a strategic growth engine for banks.”

“Mercatus’ findings dovetail with the anecdotal reports we hear every day from our technology partners and their financial institution customers about consumers’ appetite for mobile RDC,” DeBello said. “Given the huge popularity of Android and Apple devices, we believe that banks, credit unions and other financial institutions that don’t offer mobile banking with check deposit risk losing customers to those that do offer mobile RDC.”

Mercatus reported finding strong interest among surveyed consumers in all age groups who said they were “very likely” or “likely” to adopt mobile RDC if it were offered by their banks, and that adoption is clearly gaining traction among consumers who already have access to the technology. Further, it said, demand for mobile RDC is strong enough that an increasing percentage of consumers are willing to pay for the service.

Hedges said the consumer survey results also indicate that:
• Mobile banking will become an increasingly critical criteria in consumers’ choice of banks because 50
percent of consumers who switched banks said mobile played a role in their primary bank-selection
decision
• Mobile is also increasingly a reason consumers leave their current banks to move to a bank that offers
mobile capabilities
• Marketing and promotion of mobile offerings are critical to build customer awareness as many
consumers
do not today realize their banks offer mobile-banking capabilities

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