When mobile remote deposit capture was introduced, nobody knew how big the tool would get and how fast. But ask credit union mobile banking experts today for the defining moment in the niche's brief history and all signs may point to mobile remote deposit capture.
That's because the mobile tool potentially lets users do something they could not do quickly or easily with online banking, some insiders say. For now, deposits via mobile remote deposit capture are bigger than deposits at ATMs. A growing number of financial institutions are on the prowl for the new tool that may bring in that next big wave of mobile banking users with some of the larger ones leading the way.
Meanwhile, other credit unions and vendors are expecting to see a number of new innovations deployed in the remote and mobile arenas. Read on to find out what you should watch out for, according to an article by Robert Garvey from the Credit Union Times.
1. Virtual Assistants
Think Siri in your online banking or mobile remote deposit capture app - you'll be able to complete deposits and payments by voice command. Automobile and smart phone manufacturers are already investing a lot in in-car computer technology, so being able to bank while stuck in traffic seems like a logical next step.
Credit unions are already rolling out limited voice commands into their mobile banking apps to transfer funds between accounts and make balance inquiries. Mobile phone voice command technology is on the rise, with Apple's Siri, Android virtual assistant apps, and Microsoft's Cortana, so virtual banking commands could very well be the next big thing.
2. Cardless ATM Cash Access
Here's how it works: A member opens the mobile banking app, selects cardless cash access, designates an amount and an account, then goes to an ATM, taps that same selection and a bar code appears on the screen. The member scans the code with his or her smartphone, it's validated, and the ATM dispenses the requested cash.
Experts believe this could be as big as mobile remote deposit capture, since it is faster, easier, and more secure than using a card at an ATM - and financial institutions are already implementing it.
3. Personalization
Every financial institution wants to create loyalty - what better way to do so than with personalization. Big institutions are already moving towards a highly personalized mobile app experience, with customizable elements that will make the mobile banking space even more competitive.
Personalized credit and debit cards are already creating loyalty, and added features for mobile continue the trend.
4. Marketing Smarts
Industry watchers say with branch traffic down, some institutions are detecting a shift in volume from online to mobile banking. The problem is that with its small screen size, mobile is a challenging place to market in ways that do not annoy members.
Finding ways to push appropriate marketing messages to members via the mobile channel starts with information your members really want, like their credit score. Individualized, custom messages, including sending members' credit scores on a monthly basis, get members to check out other products and promotions.
While mobile marketing is in an early phase, the recognition is spreading that making the strategy work has to be solved.
5. Photo Bill Pay
Experts say the genius behind photo bill pay is that it uses a strong feature of the mobile phone – a high-quality camera – to do the data input that is otherwise clumsy and slow for many who find typing on glass to be cumbersome. Since the success of mobile remote deposit capture, credit union executives really believe photo banking - anything with a photo really - will really take off.
The product appeals to a different user - financial institutions already using photo bill pay have noticed that half of the users are not signed up for Internet bill pay. Similar to the users of mobile remote deposit capture, people want simple - snap a picture, put in an amount, date of payment, and you're done. There is also is growth in where the one-time payments can occur such as to a physician dentist, or perhaps a plumber. For that consumer, paying by snapping a photo is much easier than inputting the required data to create a new payee.
Which one of these will take off? With all these mobile banking innovations on the rise, experts believe the one thing that is certain is that there will be a 'next' mobile remote deposit capture. The real question will be who gets to deploy it first and get ahead of the competition!
