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Celent have reviewed this profile and believe it to be accurate.
8 September 2011
Bob 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.

Comments

  • Bob, I think your last sentence is key. FIs need to focus on investments in mobile banking that enable them "to delight their mobile customer base". It's not that RDC is ever going to be insanely popular (checks are becoming rarer as you pointed out). The value of RDC and other cool and innovative mobile technologies is that they are useful and interesting to the younger generations of consumers who are likely to adopt them. FIs that provide a delightful experience to their younger customers will be well positioned as the trusted bank for those consumers over the rest of their lifetime. My colleague wrote a fascinating blog post on how improving satisfaction will lead to increased loyalty and revenue which you may find interesting. Here is the link: http://www.zootweb.com/blog/index.php/myth-reality-great-customer-service-creates-loyalty-revenue/362/

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