Financial institutions can better serve customers by expanding mobile capture capabilities beyond check deposits, says Fiserv in a recent study.
With more than 90% of the nation's top 30 financial institutions currently offering mobile check deposit services, RDC has become mainstream tech. Mobile capture has also evolved—it can now be used to capture data from bills, receipts, and other documents. Mobile capture services help meet consumers' expectations to complete financial transactions on their own, reducing the need for them to make a trip to a branch, while creating efficiencies for the financial institution.
"Today's consumers are capturing every aspect of their lives using platforms such as Snapchat and Instagram, so it's only logical that they look to their financial institutions to provide these same type of capabilities for financial transactions," says Daniel Steere, director, mobile image capture, Fiserv. "Utilizing the photo and video capabilities of mobile devices to capture information can significantly streamline financial activities and promote consumer engagement."
For an optimal customer experience, financial institutions must have appropriate resources in place to support mobile capture technology, according to Steere. Special considerations should be made around authentication, choice of mobile platform, and image quality analysis systems.
Fiserv believes it is crucial that staff members are trained and that they understand how the technology works so they can answer questions and help customers utilize the capabilities. Marketing initiatives are an equally integral component of a successful mobile capture program, with cross-channel promotion that includes videos proving to be most effective.
Financial institutions that take a bold and comprehensive approach to mobile image capture technology will position themselves for positive results, says Fiserv. For example, customers can use a smartphone to take a photo of a bill and have the essential information automatically populated into the right bill payment fields so it's ready to pay.
Download Fiserv’s white paper, Banking in a Snap: Mobile Image Capture Can Transform Financial Services