Up until now, most deployments of Mobile Deposit have been largely consumer-focused. One check, one deposit. Enter the amount, and move on. This has met the needs well of individuals who may receive the occasional payroll, gift, or other odd check. In fact, the growth of consumer mobile deposit, more than doubling in the last 2 years, is proof that consumers like the convenience of saving trips to the bank or ATM, and can get the funds availability cycle underway sooner.
But when one considers that over two-thirds of checks are written to businesses, and that most of these are still deposited at branches, ATMs, or via desktop image scanners, the potential for the mobile channel to fundamentally reengineer the commercial deposit landscape is huge.
Its no surprise that having experienced mobile deposit as a consumer has led a lot of small and micro business owners to begin using consumer-facing mobile deposit solutions to get the efficiencies of Mobile Deposit for their businesses. This, in spite of the fact that most of the prevailing solutions ignore the special needs of businesses.
What are the special needs of businesses? Well, Mitek has built into its Commercial Mobile Deposit Capture (CMDC)™ product a number of features that optimize the Mobile Deposit experience for busy, cash-flow conscious business owners as well as large corporations with distributed receivables footprints.
Fast and frictionless
Mitek has optimized the prompting and workflow to allow depositors to capture the front and back of multiple checks in very rapid succession. The “MiSnap” mobile capture feature, that automatically figures out when focus and other conditions are just right to automatically snap each photo, means there are no buttons to push. Mitek has fine-tuned the experience to such an extent that a user can easily capture, say, 10 checks in under a minute.
Where consumers were previously required to key in the amount of the deposited check to compare to the Mitek-read amount, Mitek has removed this requirement for commercial depositors. Instead, the App uses Mitek’s latest amount recognition algorithms to fill in the amount fields for the depositor, while showing a running grand total of all the checks in the deposit. Once all the checks have been snapped, business owners can quickly glance at the calculated control total and verify it against a prior register, or if need-be can simply verify that each check has been properly read by the Mitek recognition engine, intervening and overriding amounts only if something’s not right.
Super-smart exception handling
Only items needing repair require user attention. If there are checks with an exception condition, such as an unreadable or low-confidence amount, they are queued together on a final review screen and can be repaired just before submission without having to scroll through the rest of the deposit.
A flexible accompaniment to existing RDC environments
Its no longer just about getting the check deposited. Today, businesses are just as interested in how to get those funds properly applied or credited to customer accounts. The extent to which a solution facilitates the business accounting function is the key difference that distinguishes a truly ulititarian RDC solution from one merely ushering bulk check deposits. Solution integrators can use Mitek’s flexible fields feature to capture additional data right down to the individual check level, such as invoice numbers or any number of other fully customizable fields. This means that Commercial Deposit can augment any existing RDC solution with a mobile option, while improving the business case for RDC solutions in sites or for end users whose volumes previously fell below the volume threshold of a solid business case for dedicated desktop scanner hardware.
How will the industry respond?
We’ll soon see. But as Mobile Deposit enters a new era of functionality for business users, Mitek will continue to innovate and respond to a rapidly evolving commercial market.
Read more about mRDC for the commercial market in Celent's new whitepaper: Seizing the Small Business RDC Opportunity