SAN DIEGO — With consumers flocking to mobile banking at a more rapid pace each year and technology changing even faster, financial institutions are challenged to stay ahead of the mobile curve, says Mitek.
To help credit unions be more proactive in 2014, the mobile imaging company looks at what's shaping consumer expectations and driving their mobile needs, offering a handful of mobile banking predictions for next year.
"Simply because of the pace of change, and from growing consumer expectations, many times financial institutions are reactive with their mobile banking strategies," said Scott Carter, chief marketing officer at Mitek. "These predictions can help banks and credit unions get ahead of the curve."
1. In 2014 financial institutions will start to market to mobile-only users.
Consumers are starting to think about mobile channels first and a growing population will abandon traditional banking relationships altogether, opting instead to never set foot in a branch, says Mitek.
Mobile imaging will allow this group to open accounts from anywhere, at any time, managing accounts without a teller. Next year will mark the tipping point where organizations start to market directly to mobile-only users.
2. Mobile enrollment will double and mobile imaging will drive completion rates up by 10%.
Snapping a picture to open an account is much more convenient and will double mobile enrollment totals in 2014. The service allows consumers to capture a picture of the front and the back of a driver's license and the validated data is automatically populated into the account opening application.
The service's convenience and accuracy will double mobile enrollment and boost completion rates by 10%, according to Mitek. No longer will a consumer start the mobile enrollment process for a bank account or credit card, and drop off due to the frustration of trying to type on a tiny touch screen.
3. Mobile deposit will be the preferred way to load prepaid cards and deposit checks.
The popularity of mobile deposit is reducing deposit traffic to ATMs, bank branches and prepaid card reloading locations, observes Mitek. 2014 will be the year that majority of prepaid cards will be reloaded and checks will be deposited using mobile deposit.
4. By the end of 2014, 90% of Americans will have access to mobile deposit.
As mobile deposit continues to grow in popularity and concerns over fraud and risk decrease, nearly every financial institution in the country will offer the service by the end of the year as they fight to remain competitive, says Mitek. From the largest banks to the smallest credit unions, consumers will be able to deposit checks with a snap of the camera from their mobile device.
5. 2014 will be the year of an industrial strength mobile web solution, further accelerating adoption of mobile imaging usage.
It's been coming for a while, and next year will be when there is finally an enterprise strength mobile web to support all the mobile-only smartphone and tablet users, observes Mitek. When mobile carriers finally start offering a real mobile web, a universe of new mobile imaging use cases will appear and consumers will be able to fully engage with companies.
