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Third Annual Mobile Deposit Report Finds Significant Ranking Movement Among the Largest Financial InstitutionsSAN DIEGO, Oct. 10, 2018 (GLOBE NEWSWIRE) -- Mitek (NASDAQ: MITK, www.miteksystems.com) today released the results of the 2018 Mobile Deposit Benchmark Report conducted by fintech and digital commerce research firm Futurion, The report looked at how 20 U.S. retail financial institutions (FIs) ranked based on the quality of customer experience in app design and customer-friendly policies. Results revealed that FIs investing in mobile deposit by improving the UX design of their app and raising deposit limits are the ones that are leading the way in digital channel migration. Those leading the pack for best mobile deposit user experience this year are:
Consumer adoption of digital banking continues to rise. In fact, BBVA Compass recently reported a 30 percent year-over-year increase in mobile active users while Wells Fargo counts 28.1 million total active digital users, 21.2 million of which use mobile banking. On top of that, by 2020 millennials in the U.S. are expected to spend $1.4 trillion annually according to Accenture, making mobile banking support even more imperative. Because of the rapid adoption of mobile financial services among U.S. consumers, mobile deposit is a must-have digital banking capability, that entices customers to do their banking through lower-cost digital channels and supports FIs efforts in their digital transformation. “The change of rankings in this year’s report highlights the positive impact of a superior user experience,” said Jim Van Dyke, CEO, Futurion. “The bar is rising for mobile deposit excellence, as it should be, as more people rely on mobile deposit for routine transaction. FIs that evolve their methodlogies and requirements are the ones that will ultimately succeed in attracting the most lucrative digital customers in today’s competitive environment.” The top three reasons FIs changed rankings are:
“Mobile deposit technology has tremendous ROI in helping FIs lower operational costs, increase profit margins and attract new customers,” said Michael Diamond, general manager of payments at Mitek. “Because Mobile Deposit® is the foundation of a successful digital banking business, customer experience could not be more important. FIs that are committed to developing the best in class digital channel need to focus on their consumers’ experience and incorporate mobile deposit services like auto-capture and real-time updates that remove barriers to adoption and improve usage.” To download the full report, view a complete ranking of the financial institutions evaluated and read detailed recommendations for how financial institutions can improve their mobile deposit user experience. Methodology Live deposit accounts were accessed for each FI during August and September of 2018, with all ratings scores set by Comrade’s user experience designer team. In select cases (primarily for a few smaller regional banks), access to existing live accounts was gained by working with a research partner, who facilitated communication and collection of screen captures. From the live accounts at all 20 banks, we collected and analyzed UX data across six user experience or heuristic categories, comprising a total of 24 individual categories. FIs were scored based on user experience measures pioneered by Jakob Nielsen, with modifications to fit the mobile deposit process. Two risk-related policy categories were also rated, based on either information found in the app, on the FI’s site, or provided by customer service agents. To develop the total ranking for each FI’s overall mobile deposit customer experience, each FI’s average standing within each of the six UX and two risk-related policy areas was summed, and then compared to that of all other FIs. About Mitek Follow Mitek on LinkedIn: http://www.linkedin.com/company/mitek-systems-inc Mitek Contact: Marissa Livingston |