One in every four consumers and one in every two mobile bankers want mobile remote deposit capture, according to a Javelin Strategy & Research report

However, only three of the top ten largest U.S. financial institutions—JPMorgan Chase, PNC, and U.S. Bank—currently offer this service, highlighting a huge market gap for mobile RDC.

The Javelin report, using data from surveys of more than 13,000 consumers and interviews with 25 bankers, examines consumer demand and bank offerings and explores the impact of mobile RDC.

The data shows that over half of financial institutions will roll out mobile RDC in the next 12 months.

“Mobile RDC is the latest gold rush opportunity for first-mover FIs to grab market share,” said Javelin’s Mark Schwanhausser. “FIs can use mobile RDC to lure consumers away from competitors. Similarly, FIs can use mobile RDC as a customer retention and growth strategy.”

“Mobile RDC offers revenue and cost-cutting opportunities,” said Mary Monahan, also of Javelin. “FIs are able to lower check processing costs by directing consumers away from bank branches and ATMs. FIs can position mobile RDC as a premium service that provides value to customers and charge customers fees for making mobile deposits.”

The perception of fraud is one major barrier that banks face when considering adding mobile RDC to their product mix. Almost one in three financial institutions surveyed state that security concerns are inhibiting their adoption of mobile deposit.

For more information:
https://www.javelinstrategy.com/news/1235/92/Depositing-Checks-With-Your-Phone-s-Camera-Are-You-Ready-Is-It-Safe-Are-Banks-Ready/d,pressRoomDetail