Fiserv, Inc announces the results of recent market research that quantified the interest among banks and credit unions for mobile deposit capture and gauged their views on potential customer acceptance.
Mobile deposit capture is an extension of remote deposit capture (RDC) that enables checks to be deposited anywhere via a mobile phone equipped with a camera to create and send an image of the check.
Fiserv research indicates that financial institutions believe select market segments would find value in mobile deposit capture and that these segments would be willing to pay for the service. Some of the more telling research results include:
– One-third of respondents see a need to offer mobile deposit capture services to their business customers,
– All respondents from the in-depth focus groups stated they would be looking for a vendor that has significant RDC and mobile banking experience,
– 70% of respondents agree that their business customers would benefit from having check deposits scanned in the field.
The majority of respondents indicated that small and large businesses that sell products and services at the buyer’s location (such as home appliance repair businesses and food and beverage distributors with trucks in the field) are their primary targets market for mobile deposit capture.
Also majority of respondents noted that any mobile banking application would have to include Login and Logout Authorization (FFIEC), 128 bit encryption of data on phone, SSL over the air and Check 21 Compliance Respondents further identified that they would first consider offering mobile deposit capture services to their small- and medium-sized business customers currently not using merchant or corporate capture.
“Mobile scan technology is a natural evolution of remote deposit capture and a logical way for financial institutions to expand their remote deposit capture client base,” says Bob Meara, senior analyst, Celent.
“Financial institutions will likely look to current RDC technology providers to bring to market targeted solutions like mobile deposit to address high value market segments.”
“Fiserv is uniquely positioned to address every dimension of a mobile RDC implementation from our award-winning RDC technology to our industry-leading online and mobile banking solutions,” says Teri Carstensen, president, Item Processing and Payment Solutions Division, Fiserv.
“With consumers today capturing deposits from multiple sources, our goal is to create a universal platform that enables deposits anywhere, anytime. More than 1,100 banks already rely on Fiserv for our expertise in deposit capture.”
L.D.