The mobile banking industry is growing exponentially as indicated in Javelin’s Mobile Banking, Tablet and Smartphone Forecast 2013-2018 report published in March of this year; 95 million adults used mobile banking in 2013, a nearly 40% increase over 2012. To further validate the increase in the use of mobile banking services, a recent survey conducted by RemoteDepositCapture.com showed that sixty-three percent of financial institutions (FIs) stated they pro
Mobile Imaging Blog
Back in December, we made several predictions about the changing mobile banking landscape for 2014. These included predictions about financial institutions (FIs) marketing to mobile-only users, simplified mobile enrollment, access to mobile deposit, and mobile banking adoption generally.
Mobile Deposit is enjoyed by millions of consumers reaching from America’s largest banks to the smallest Credit Unions. There’s no doubt that people love Mobile Deposit. In fact, they love it so much; they want to use it more! We know this from the numerous consumer tweets asking:
Why the frustration? Because, although FIs have been progressive about adopting mobile deposit technology, they have strict risk controls in place that sometimes have unintended, negative consequences on good customers – and their income statements.
With the vast number of options for professionals today to augment their knowledge on trends, technology and consumers it is refreshing to see a customer focused advisory board.
Many tech conferences have a high price tag, a few "big name" keynotes and sessions that are full of information that is nothing less than two to five years old. Sessions can be hard to get value from and meeting peers in your vertical is impossible.
Last week, Mitek Developers Program sponsored a hackathon on campus at UCSD, the largest engineering school in the UC system. In contrast to the hackathon we sponsored in January, this event was focused entirely on solutions making use of Mitek technologies, bringing to life an additional array of concepts to “simplify life” using our mobile imaging capabilities. By all accounts, our 24 hour journey was another great success which provided fantastic ideas, exposure to super talent, and pragmatic lessons about product improvement opportunities.
We are best known as the creator of Mobile Deposit® and for our suite of mobile banking solutions, but we believe our technology has massive potential in other markets.
According to Javelin Strategy and Research, $2.1T of bill payments are made every year, $36B of which are made from a mobile device. Those are pretty astronomical numbers considering that most FIs at this point don’t provide a mobile experience specifically designed for bill payments in their native app.
A recent American Banker article (12/12/13) reported that banks lost $648 million due to check fraud last year. A big number, right?
According to comScore, as of September 2013, 147.9M people in the U.S. now own smartphones. With nearly 50% of smartphone owners using mobile banking, it is more important than ever for financial institutions to make a strategic investment into the mobile space.
I am looking forward to presenting at ATM Debit and Prepaid Expo at the Bellagio! This should be a good event, with lots of dialogue about where financial services is headed. In my presentation, we will explore a trend that we are seeing in consumer’s expectations regarding mobile banking – from mobile also to mobile first.
In Gartner's May 16, 2013 report App Explosion: Lessons From the Top 20 Banks author Kristin Moyer noted:
“Nearly 75% of banking CIOs and digital technology leaders plan to increase spending on mobile apps this year. We advise that banks develop an app road map based on need-based functionality and impact on net profits.”
The usage of smartphones continues to escalate. The newest figures from Nielsen suggest that 61% of all phones are now smartphones. And the percentages are even higher for those under 35 years of age. The convenience is compelling, and there is a growing population of people who will ONLY interact with their banks via mobile. So, what is the right strategy?
I am pleased to have been in NYC at the DevCon5 conference, talking about advances and innovation in HTML5 and many other related topics. It is quite clear that the current excitement around mobile imaging and modern trends in mobile web modernization are “pulling on the same rope” and are clearly complementary.
In the last post, I outlined a number of notable trends in consumer behavior related to bill payments. Since ease of use and simplicity will be critical, we believe that Mobile Photo Bill Pay is a key innovation. The product concept is simple – take a picture of your bill, and it is paid. Or you are enrolled in e*bill. Your choice. No fat-fingering. And it is optimized for smartphones or tablets – using the device that is already in your purse.
To push the industry forward, NACHA has developed a standard for using QR codes on bills to encode all of the information necessary to pay the bill, or enroll in e*bill. Mitek is pleased to be a participant in the testing of that standard.
Last week, I was pleased to have had the opportunity to participate at the NACHA CEBP event in Chicago. At that meeting, we discussed a number of important trends in bill payment, and drivers impacting customer behavior. After 2 days, a few themes emerged.