ORLANDO, Fla.-Four in 10 consumers with an interest in mobile banking say that the ability to make deposits via their smart phones is the top factor in selecting or switching banks.
The ability to take a picture of a check for deposit is also important to bank customer satisfaction, according to AlixPartners, LLP, as 81% of mobile remote deposit capture (RDC) users say they are "extremely" or "very" satisfied with their bank, compared to 72% for non-mobile RDC users.
The findings are part of a report, "Mobile Remote Deposit Capture: Changing How consumers Bank and How Banks Compete," by AlixPartners LLP. According to findings in the paper, of consumers who are "somewhat" or "more likely" to switch banks to get access to mobile features, 43% chose mobile RDC as the top feature, nearly twice the rankings of other mobile features, such as the ability to evaluate account balances (28%), pay bills remotely (28%) or access account histories (23%). Among the other findings:
• The top reasons customers adopt mobile RDC include the urgency to have their checks deposited for safekeeping, their need for cash and ease of use.
• Mobile RDC adopters deposit 25% more checks.
• Mobile RDC users are less likely to switch primary banks.
• More than 40% of adult Americans expect to have a smart phone within the next two years, and the devices will be essentially ubiquitous by the end of the decade.
• By 2016, a 38% penetration is expected among adult Americans, compared to just 2% in 2011.
• 2.1 billion checks are projected to migrate to mobile RDC from other channels by 2016, with adopters depositing 73% of their paper checks via mobile RDC.
