In 2014, mobile deposit technology became a staple for more than 3,000 banks and 33 million Americans. For U.S. Bank, a mobile banking pioneer, mobile became the second-most used channel this past year with 2.7 million active mobile users in the third quarter of 2014, up from 200,000 in 2010.
With the rapid adoption and ongoing acceptance of banking with a smartphone camera, what does the future hold?
Mobile banking will save Americans 282 million hours in 2015
According to Celent, the mobile user-base will increase from 33 million in 2014 to 47 million in 2015. We have found that the average consumer will deposit 18 checks annually, and in looking at a the average time it takes to travel to an automated teller machine vs. make a mobile deposit, mobile banking will save users in North America approximately 282 million hours in 2015.
65% percent of small businesses and 40% of corporations will adopt mobile deposit in 2015
From those commercial entities that currently bank online or via mobile, we expect approximately 65% of small businesses and 40% of corporations will use mobile RDC in 2015. The technology will provide access to funds quicker, better tracking of invoices/payments and reduce the risk of lost checks.
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 apply for a credit card, and that 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 exact moment and location they request financing.
Editor’s Note: With 2015 now upon us, RCR Wireless News has gathered predictions from leading industry analysts and executives on what they expect to see in the new year.
