Mobile remote deposit capture leading feature bank customers seek

Mobile banking is quickly becoming one of the features customers factor in when shopping for a new bank. Mobile banking platforms add a new layer of convenience for on-the-go consumers, allowing them to inquire into their balance and transfer funds. But the results of a new report show that a new mobile banking feature may be one of the most sought out benefits influencing consumers’ banking decisions.

According to a study conducted by global business advisory firm AlixPartners, 39 percent of respondents cited mobile offerings as an important reason for switching to a new bank. In addition, 32 percent of consumers who defected from their primary banks in 2011 and are already mobile banking customers said mobile offerings were a significant attribute versus 6 percent of non-users who switched to a new bank.

In addition, customers who switched banks for mobile platforms cited mobile remote deposit capture features as the leading mobile offering they were interested in. The survey shows the number of consumers who said the ability to remotely deposit a check played a central role in their decision to switch banks increased 22 percentage points to 65 percent, up from 43 percent who gave the same response during the second quarter of 2010.

“Moving forward, consumers’ mobile behavior and expectations will continue to rapidly evolve,” said AlixPartners financial services practice managing director Theresa Epperson. “Financial services providers need to recognize the growing importance of rapid development and deployment cycles for mobile offerings, in order to both keep pace with consumer expectations, as well as to maintain relevance with today’s consumers who have an insatiable appetite for mobile-oriented innovation.”

Mobile banking adoption is expected to increase from its current 15 percent of customers to roughly 50 percent by 2016, giving financial institutions the opportunity to capitalize off a growing market and affording consumers the chance to choose a bank that offers a wide variety of benefits and convenience.

“Clearly, these devices’ extraordinary value to consumers has raised the bar on what consumers expect from their financial services providers and placed greater importance on the role of mobile banking in bank selection,” said AlixPartners financial services practice managing director Bob Hedges. “Those financial services providers that focus on mobile offerings as competitive differentiators will be winners in the future.”

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