Mobile deposits, payments, time saving upticks seen in 2015

Mobile deposit adoption by businesses, the evolution of mobile payments, and time saved by using mobile deposit dominate the 2015 predictions from several bankers and a mobile imaging provider.

"Smartphones and tablets have completely changed the way people interact with their money, and their financial institutions," says James DeBello, president & CEO of Mitek. "Every organization we work with recognizes the incredible impact Mobile Deposit [one of its products] has made in the financial services industry, but U.S. Bank and FirstBank have continuously been at the forefront of mobile innovation so we thought it only fitting to let our partners share their visions for 2015 as well. Though mobile banking may be mainstream, the adoption, innovation, and contribution to consumer convenience will only continue to grow next year."

The 2015 mobile banking predictions from DeBello; Niti Badarinath, U.S. Bank senior vice-president for mobile and payments of U.S. Bank; and Jeff Kaufman, president, retail services of FirstBank, include:

1. By the end of 2015, more than 50% of all financial institutions will offer mobile deposit services tailored to the needs to business customers.

Mobile Deposit, until now, has been a consumer phenomenon. However, there are more checks in the business market than in the consumer market, and banks are going to start offering mobile deposit services that are unique to the needs of that channel. One example of how these services will be different from the existing consumer apps: Many mobile workers need to capture a remittance document as well as the check payment in the field. Banks will provide services to enable these workers to use smartphones or tablets to quickly capture payment and business documents at the point of service.—DeBello.

2. Mobile Deposit will save Americans 282 million hours in 2015.

According to Celent, the mobile user base will increase from 33 million this year to 47 million in 2015. We have found that the average consumer will deposit 18 checks annually, and in looking at the average time it takes to travel to an ATM versus making a mobile deposit, mobile banking will save users in North America approximately 282 million hours in 2015—DeBello.

3. Mobile wallet will prepare for takeoff in 2015 (but won’t leave the runway).

We may not see mass adoption of mobile wallets in 2015, but this will likely be a key year in getting merchants and consumers aware that this technology exists and the added value it can provide to everyone. As more payment capabilities are built into the wallets, we should see more merchants coming on board to accept the payments. With the introduction of CurrentC and Apple Pay, you are seeing the larger brand name merchants getting involved—Kaufman

4. Mobile imaging and proximity marketing will bring financial services to consumers exactly where and when they need it.

Several retailers have experimented with in-store beacons and pushing mobile offers to consumers, but in 2015 retailers will pair these technologies with new mobile imaging capabilities that will allow users to act on offers in the aisle. For the first time, consumers will have the option to snap a picture to enroll in a loyalty program or credit card and this will open new doors for financial institutions. We previously predicted that the number of accounts opened on mobile devices will double in 2015, but with proximity marketing, financial services will be able to reach consumers at the moment and location they want financing.—DeBello

5. Banks will use mobile to push personalized service.

There will be continued growth in services optimized and delivered through the mobile channel, and a recognition by more banks that customers will continue to access banking services through multiple channels (mobile, online, call center, ATM, branches). While the customer experience becomes seamless across channels, consumers will begin to gravitate toward personalization, and more companies will also focus on customizing the user experience for the individual through mobile technologies.—Badarinath.