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2011 Mobile Remote Deposit Capture: Creating a Compelling Business Case for Mobile Servicing
Javelin Strategy & Research, May 2011, Pages: 45
Mobile remote deposit capture is a customer acquisition strategy because of its clear value proposition for mobile banking. The service can also lower financial institution processing costs and increase fee income. Additionally, the customers most likely to adopt the service are cost- effective bankers. Targeted rollouts will have greater adoption, and segmenting and marketing recommendations are given.
A case study of USAA's experience with mobile remote deposit capture brings real life results to the reader. A survey of 25 targeted mobile executives from top FIs is also included in this report as well as consumer survey results.
Primary Questions
- Will there be consumer adoption, and by whom?
- 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 them?
- How does mobile remote capture work, and what are the technology constraints?
- Which vendors offer the solution?
- How many financial institutions will be adopting mobile remote deposit capture in the next 12 months?
Methodology
This report is based on data collected online from 5,102 consumers who are primary or shared financial managers in March
2011. The overall margin of sampling error is ±1.37 percentage points at the 95% confidence level. The survey targeted respondents based on representative proportions of gender, age, income, and ethnicity compared to the overall U.S. online population.
This report is also based on consumer data collected online from 3,100 respondents with mobile phones in July 2010. The overall margin of sampling error is ±1.76 percentage points at the 95% confidence level. The survey targeted respondents based on representative proportions of gender, age, income, and ethnicity compared to the overall U.S. online population.
This report is also based on a survey of 5,004 randomly selected respondents via a standardized telephone interview in October 2010. The survey targeted respondents based on representative proportions of gender, age, income, and ethnicity compared to the overall U.S. online population. For questions answered by all 5,004 respondents, the maximum margin of sampling error is ±1.39 percentage points at the 95% confidence level. For questions answered by all 470 identity fraud victims, the maximum margin of sampling error is ±4.52 percentage points 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 ±4.52 percentage points at the 95% confidence level.
To find out financial institution attitudes and spending behaviors regarding mobile remote deposit capture, Javelin conducted a targeted survey of 25 executives in mobile strategy at top financial institutions collected online in April 2011.
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