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8 September 2011Bob Meara
It wasn’t long ago, detractors of mobile remote deposit capture (RDC) offered three objections: • It won’t work • No one would use it • It’s too risky The first two objections have been thoroughly refuted through the positive experience enjoyed by the relatively few financial institutions thus far willing to challenge the status quo. The third objection is destined to be refuted as more financial institutions implement automated risk management tools increasingly available from a cadre of vendors. But, alas, check volumes are on the decline. Most deployers of mobile and consumer desktop RDC see just 20% to 30% of registered users depositing in any given month. Thus, consumer RDC’s value isn’t in its ability to process a prodigious volume of checks (they can’t) but in offering extraordinary convenience and value to consumers. But, what’s the next big thing? How is Mitek going to continue to add value beyond mobile RDC. Mitek offered a glimpse of a broader and more interesting strategy of leveraging its ability to accurately and reliably extract information off captured images. Today, Mitek announced a new product called Mitek Mobile Balance Transfer. This application would allow a bank’s customers to use their smartphones to take pictures of competing banks' credit card offers. Users could then submit the images of these offers as a data file to their current bank, which may offer the customer a lower rate or better credit card features in an effort to have the customer keep their credit card with them (or, if the credit card is held with a competing bank, transfer the credit card balance). Unlike mobile RDC, the image isn’t used to produce a negotiable payment instrument; it is used to transform what has historically been a tedious and time consuming process for consumers and an expensive promotional vehicle for financial institutions. Celent expects Mobile Balance Transfer to be but one of a number of intensely useful applications that enable financial institutions to delight their mobile customer base.
Asia-Pacific, EMEA, LATAM, North America