One reason check volume has stabilized is due to the marriage of the “tech evolution in check capture” and old-school paper…made possible by remote capture apps that are offered by nearly every major bank.
The 2016 Mobile Deposit Benchmark Report, released Sept. 14 and put together by Futurion, a fintech and digital commerce research firm, makes a strong case for user experience as the real force behind adoption and growth of mobile remote capture. That goes against the “common sense” supposition that demographics were the main driver.
So, it’s not just millennials who are depositing checks using an iPhone app. It’s people and businesses who have been won over by no deposit limits and zero service fees, as well as an easy to use interface. The “front end” has to sing.
“Mobile deposit apps drive customer loyalty and banks that wish to remain competitive must secure high adoption rates by improving the customer experience with these applications,” said Futurion CEO Jim Van Dyke in an interview with Banking Exchange. “This research shows that regardless of age, consumers will use mobile banking, but institutions can’t just market their way around a second-rate customer experience.”
With emphasis placed on the “front end” being so important, the last thing a financial institution should have to worry about is its recognition and image analysis software solution. OrboAnywhere, recently profiled in the November edition of CIO Applications as a Top 25 Banking Technology Solution Provider for 2017, is a recognized leader in automating paper-originated payments and remittances for balancing and posting while reducing risk and losses in the areas of check fraud and compliance.
You make the front-end sing; we’ll take care of the nuts and bolts!