New Report Ranks 15 Top Banks on Mobile Deposit Customer Experience
September 14 2016 - 07:00AM
Mitek (NASDAQ:MITK), (www.miteksystems.com), a global leader in
mobile capture and identity verification software solutions, today
announced the release of new research from the fintech and digital
commerce research firm, Futurion examining the key factors
influencing consumer adoption of mobile deposit. The 2016 Mobile
Deposit Benchmark Report provides customer experience rankings for
15 top financial institutions (FIs) in the United States. The study
reveals why some FIs are achieving higher adoption rates than
others with one of the most popular mobile banking applications of
all time.
“Mobile deposit is one of the most powerful options available to
financial institutions for driving customer loyalty and increasing
adoption of all the mobile services that migrate routine
transactions out of the branch,” said Jim Van Dyke, CEO, Futurion.
“For all FIs that wish to remain competitive it is crucial to
provide mobile customers with welcoming and easy-to-use apps that
are free of unreasonable limits, restrictions or fees. This
research shows that regardless of age, consumers will use mobile
banking, but institutions can’t just market their way around a
second-rate customer experience.”
Key findings from the study include:
- There are wildly different customer experiences regarding
mobile deposit from institution to institution.
- Customer experience rankings – and not just simple demographics
such as user age –have a remarkably strong correlation to adoption,
usage and growth.
- Capital One is the ideal mobile deposit role model for
multi-channel banks.
- BBVA Compass, Bank of America, Fifth Third Bank and Chase
rounded out the top five banks that have exceeded the majority of
their customers’ mobile deposit expectations.
“As the pioneer of mobile deposit, we know this technology has
tremendous ROI and this report shows that there are big
opportunities for growth,” said Michael Diamond, general manager of
payments solutions at Mitek, sponsor of the research. “This
research is the first time banks have been scored on the consumer
experience they provide users via their mobile apps, and also the
degree of correlation between those customer experience scores and
customer adoption. We hope to shine a spotlight on the banks doing
a great job with their mobile offerings and share best practice
insights with the industry.”
To download the full report, visit:
https://www.miteksystems.com/mobile-deposit-benchmark.
About the research methodologyThis report
focuses on customer-friendly experiences and adoption patterns of
mobile deposit within the 15 largest U.S. retail multi-channel FIs.
Supplementary comparative analysis of mobile deposit adoption was
conducted for the four largest banks, 20 regional banks, and all
U.S. credit unions and community banks.
Working with Comrade, Futurion accessed live accounts for each
FI. Nine user experience or heuristic categories comprised a total
of 51 individual criteria, as well as three additional pricing or
policy categories. In select cases, FIs public websites were used
as an additional source of information.
Online adoption and usage data were sourced from Javelin
Strategy & Research for both April-May 2016 and October 2013,
with sample sizes of 5,957 and 8,195 respectively. Oversampling for
all but the largest banks studied in this report meant that the
data included sufficient samples to measure customer adoption and
usage patterns for each of the 15 FIs (ranging from 1,211 to
199).
Adoption and usage data were based on asking respondents – who
had already identified a particular financial institution as their
"primary" – when they had last used mobile deposit. To obtain a
metric representing each bank’s proportion of highly-active and
inactive users, weighting was applied to respondents’ most recent
stated use of mobile deposit.
Analysis determined how closely each bank’s customer experience
or policy practices correlated with consumer adoption or usage
metrics.
About Jim Van DykeJim Van Dyke, CEO of
Futurion, is a research-based strategic technology consultant,
helping leaders capture the future of digital consumer identity,
payments and financial services. Prior to Futurion, Jim founded and
led Javelin Strategy & Research. Mr. Van Dyke also volunteers
on the Consumer Advisory Board of the Consumer Financial Protection
Bureau (CFPB), with a focus on fintech. He has held various
research, strategy, and management positions in his more than 30
years of experience in digital commerce. Jim has presented to
venues including executive boards, vendors’ client summits, and
agencies including the U.S. House of Representatives (Congress) and
Ways and Means Committee. He has been widely cited in global media
including Bloomberg, Financial Times, Fox News live television,
National Public Radio (NPR), the front page of the New York Times,
and Wired. For more information, visit
http://www.futurion.digital/.
About ComradeComrade is a full-service digital
agency that improves customer engagement and gets new digital
innovations to market quickly. Learn more at
www.comradeagency.com
About MitekMitek (NASDAQ: MITK) is a global
leader in mobile capture and identity verification software
solutions. Mitek’s ID document verification allows an enterprise to
verify a user’s identity during a mobile transaction, enabling
financial institutions, payments companies and other businesses
operating in highly regulated markets to transact business safely
while increasing revenue from the mobile channel. Mitek also
reduces the friction in the mobile users’ experience with advanced
data prefill. These innovative mobile solutions are embedded into
the apps of more than 5,200 organizations and used by more than 70
million consumers for mobile check deposit, new account opening,
insurance quoting, and more. For more information, visit
www.miteksystems.com. (MITK-F)
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