Mobile remote deposit capture – once consumers use it they love it

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Financial institutions will need to aggressively promote the benefits of mobile remote deposit capture service in their marketing communications in order to grow its usage, according to a recent survey by SYNERGISTICS Research entitled, Maximizing Online and Mobile Banking and Payments.

Almost seven in ten mobile phone users are aware of this service, with awareness being highest among those with household income of $100K+. One in seven mobile phone users have used mobile RDC. This has been most prevalent among 18- to 34-year-olds and those with income of $75K+.

Two graphs showing the benefits of mobile remote deposit capture
Financial institutions will need to aggressively promote the benefits of mobile remote deposit capture service

The value of mobile RDC was also assessed among both users and nonusers. As shown, users highly value the service. Virtually all report the service to be very or somewhat valuable, with three-quarters rating it “very” valuable.

Four in ten nonusers indicate they believe mobile RDC would be a valuable service, with one in seven rating it as potentially “very” valuable. Positive reaction among non users tends to be wider among 18- to 49-year-olds and those with higher household income.

“Among a plethora of new mobile and online services, mobile remote deposit capture (RDC) has garnered a high level of consumer awareness in a relatively short time frame. What was found to be particularly striking in the examination of mobile RDC was the juxtaposition of this high level of awareness of the service with rather narrow actual usage,” comments William H. McCracken, CEO of SYNERGISTICS.

“This high level of awareness is most likely due to the advertising efforts of market leaders. The notably low usage reported by mobile phone users indicates that there is still a tremendous opportunity for increasing usage of this service, which can help cut costs associated with processing paper checks. Providers will need to aggressively promote the service to customers, explaining clearly its usage and benefits. Those who have actually used the service highly value it.”

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