What Tops Consumers' Mobile Banking Wish List?
As plastic and digital transactions boom, the use of paper checks is in decline. Although checks still represent about 20 percent of all non-cash payments, the Federal Reserve processes less than a third of the checks it did 20 years ago. With fewer checks in circulation, you may be surprised to learn that the most desired improvement to mobile banking is … the ability to deposit checks.
Nearly a quarter of all surveyed mobile banking users selected check deposit as an improvement they'd like to see in their mobile banking application, according to data from the 2012 Fiserv Consumer Trends Survey.
With fewer reasons to visit a branch, it's increasingly inconvenient to deposit that $25 birthday check at a brick-and-mortar location. That's why almost everyone has at least one uncashed check on their counter.
Consumers today are obsessed with convenience – and their smartphones. As more banking functions are accomplished by tapping a touch screen, it's no wonder that financial institutions are fielding more questions from consumers about the availability of mobile check deposit.
Mobile check deposits can also impact the bottom line of many small businesses. Even with the growth of mobile payment options, like mobile card readers and person-to-person payments, checks are a mainstay for many businesses, especially those that operate without a storefront, like landscapers and contractors. By depositing checks immediately from the field, small business owners can improve cash flow and eliminate paperwork.
Whether a client is depositing one check or several, mobile check deposits matter for financial institutions. Mobile check deposit helps financial institutions streamline processing, reduce costs, and mitigate risk, and can also expand a bank or credit union's relationships beyond its geographic footprint.
Most importantly, providing a service that your clients want, and one that makes their lives easier, is simply good customer service. Mobile check deposits add value to new and existing banking relationships, strengthen connections and position your organization as an innovative, strategic financial partner.