Auto Capture Named a ‘Must’ by Mobile Banking Consumers

Mobile apps offering key features have the best chance of providing positive consumer experiences.

Convenience. It’s what consumers seek and why they expect community financial institutions (FIs) to offer mobile apps. Eighty percent of today’s consumers say online and mobile features have become the most important services offered by FIs. A recent Forbes article echoes that, calling attention to the best mobile apps of 2016. Not surprisingly, several key mobile app features offer the greatest return on investment: mobile deposit enabled by auto capture, brief check holding times, low fees and clear terms.

Mobile deposit enabled by auto capture allows consumers’ smartphones to automatically snap photos of checks and deposit them. Most mobile apps offer this, but research shows consumers are looking for more than just this feature — they’re seeking an experience that’s efficient and seamless. By also offering brief check hold times, low fees and clear terms, community FIs can provide a better overall consumer experience — thereby setting themselves apart from competitors. 

Community FIs seeing the most success from mobile apps are doing more than simply creating great experiences. They’re also focusing on promotion and education — with both consumers and employees. As noted in the 2016 Mobile Deposit Benchmark Report, consumers want to understand how their mobile apps work and look to their FIs to provide assistance.