Mobile check deposit ranks as the top mobile-banking feature that would prompt consumers to switch primary banks, according to research by Mitek Systems, Inc. and Mercatus LLC

In response to the question, “What are the most important features of mobile banking that would cause you to switch primary banks?” 43% of consumers interested in mobile banking cited mobile check deposit, according to the study, which was completed in May 2011, and polled 2,300 consumers.

Paying bills and checking account balances via mobile devices ranked second, both at  28%.

“Our survey results clearly show that mobile deposit helps drive customer acquisition and ROI for financial institutions,” said Mercatus Managing Partner Robert Hedges, Jr. “The data we’ve gathered shows that mobile banking—with mobile check deposit as a cornerstone capability—is becoming a strategic growth engine for banks.”

James DeBello, president and CEO of Mitek, which specializes in mobile-imaging applications using smartphone cameras for check deposits, bill payments, and ACH enrollments, said “Mercatus’ findings dovetail with the anecdotal reports we hear every day from our technology partners and their financial institution customers about consumers’ appetite for mobile RDC. Given the huge popularity of Android and Apple devices, we believe that banks, credit unions, and other financial institutions that don’t offer mobile banking with check deposit risk losing customers to those that do.”

Mercatus reported finding strong interest among surveyed consumers in all age groups who said they were “very likely” or “likely” to adopt mobile RDC if it were offered by their banks, and that adoption is clearly gaining traction among consumers who already have access to the technology. Further, it said, demand for mobile RDC is strong enough that an increasing percentage of consumers are willing to pay for the service.

Hedges said the consumer survey results also indicate that:

• Mobile banking will become an increasingly critical criteria in consumers' choice of banks because 50% of consumers who switched banks said mobile played a role in their primary bank-selection decision.

• Mobile is also increasingly a reason consumers leave their current banks to move to a bank that offers mobile capabilities.

• Marketing and promotion of mobile offerings are critical to build customer awareness as many consumers do not today realize their banks offer mobile-banking capabilities.

For more information go to:
http://www.prnewswire.com/news-releases/mobile-check-deposit-cited-as-no-1-mobile-feature-for-motivating-consumers-to-switch-primary-banks-according-to-new-independent-research-study-123918509.html