Ensenta/EPS has put together an excellent report exploring NINE DRIVERS OF MOBILE DEPOSIT GROWTH (You can download a copy HERE).
They come out of the gate by noting that large financial institutions continue to invest in increasingly better mobile deposit user experiences for two reasons:
- Improving return on investment (ROI)
- Growing their deposit base
Given that the above are the two main pillars of business for financial institutions, effective mobile deposits are crucial, to say the least.
From the report:
People are creatures of habit and convenience. Often the only way we break a habit is when an alternative is sufficiently convenient or an opportunity presents itself out of necessity. If the mobile deposit user experience is awkward or inconvenient, the depositor is unlikely to end the habit of driving their checks to their financial institution. In other words, user experience drives user adoption.
From the “2018 Mobile Deposit Benchmark Report”:
“We know with certainty that CX [customer experience] drives adoption. Our first Mobile Deposit Benchmarking Report used regression analysis to confirm that a remarkably strong correlation exists between pleasurable customer experience ratings and industry-leading levels of adoption.”
The correlation they found between user experience and adoption was even more astounding than that quote implies. On their scale, a perfect correlation would be 1.0. They felt a good correlation would be 0.2 or 0.3. Their research showed that the correlation between customer/user experience and adoption was 0.72!
Ensenta/EPS identifies millennials as a prime target, citing a two-part series of articles by Gallup called “4 Ways Banks Can Win and Keep Millennial Customers” and “4 (More) Ways Banks Can Win and Keep Millennial Customers.”
The nine drivers identified (and expanded upon in the report) are:
- Efficiency of Use
- Clear Terminology
- Match User Expectations
- Consistency and Standards
- Hierarchy and Context
- Error Prevention
- Auto Capture
- Item Processing
- Real-time Deposit-Status Updates
These nine drivers are keys to success in consumer adoption. Banks need to deploy check recognition technologies that not only deliver high read rates and accuracy, but can also be deployed across workflows through the omnichannel. This provides a seamless experience for both the consumer and the bank.