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Mobile Remote Deposit Capture: With Consumer Desire Strong, Smartphone Adoption and Security Key to Financial Institution Appeal
Javelin Strategy & Research, April 2010, Pages: 34
Mobile remote deposit capture (mobile RDC) is a nascent product that allows consumers to deposit a check using their mobile phones. Most current solutions require a smartphone, which restricts the reach of this service to 18% of U.S. adults, although one offering is an e-mail-based solution open to a wider audience. One in four consumers desire mobile remote deposit capture, and the most optimal solutions will be integrated into smartphone-based offerings. Mobile RDC for consumer accounts can help retain customers, which can decrease processing, acquisition and switching costs. Direct revenue is likely only with business customers, who have an identified strong desire for the solution. Unless a major financial institution offers it in conjunction with mobile banking, mobile RDC will likely continue to remain a niche product offered to select customers by small financial institutions with low branch numbers and large geographical footprints.
Primary Questions:
- Will there be consumer adoption, and by whom?
- What type of financial institution will offer the service?
- Can financial institutions gain revenue or cut costs by offering this service?
- What are the fraud risks of adopting the channel, and how can a financial institution control for them?
- How does mobile remote capture work, and what are the technology constraints?
- Which vendors offer the solution and through what medium?
Methodology
This report is based mainly on data collected online from a random sample panel of 2,779 households in April 2009. The survey targeted respondents based on representative proportions of gender, age and income compared to the overall U.S. online population. Overall margin of sampling error is ±1.86% at the 95% confidence level. This report is also based on data collected online from a random sample panel of 3,000 respondents with mobile phones in July 2009, with a overall margin of sampling error of ±1.79 percentage points at the 95% confidence level.
This report is also based on data collected online from a random sample panel of 5,211 respondents in March 2010, with an overall margin of sampling error of ±1.36 percentage points at the 95% confidence level.
This report is also based on data collected using computer assisted telephone interviewing (CATI) via random digit dialling (RDD) from 5,000 respondents in November 2009. For questions answered by all 5,000 respondents, the maximum margin of sampling error is +/- 1.4% at the 95% confidence level. For questions answered by all 703 identity fraud victims, the maximum margin of sampling error is +/- 3.7% at the 95% confidence level. For questions answered by a proportion of all identity fraud victims, the maximum margin of sampling error varies and is greater than +/- 3.7% at the 95% confidence level.
The majority of Javelin data for online banking financial alerts is based on “online households” vs. “individual consumers.” This is a typical way of presenting online banking data because account management is typically collected on a per household basis. In 2009, the U.S. population was estimated to comprise 306 million people. That includes 232 million adults, 118 million households, and 87 million households that are online. On average, there are about 2.6 people per household. Javelin also collects online banking data using a base of all consumers for comparison purposes.
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