CHESTERFIELD, Mo.—The heath crisis has created “pandenomics” that have set the stage for mobile check capture to see a new stage of growth, according to one person.
Mike Diamond, general manager of digital banking at Mitek, said it’s unlikely consumers will revert to their branch-intensive, pre-pandemic banking behaviors. In fact, consumers might not go back to the bank in person at all unless they have to sign and notarize a mortgage document or cash a (paper) cashier’s check, for example, he said, during an interview with Pymnts.com.
“Some consumers will go back to banks, but we are not going to snap back to pre-COVID days,” Diamond said. “We never will. It’s impossible to be unchanged by the pandemic. The future has been forced on the financial industry.”
Against that backdrop, there’s room for mobile check deposit to enter its next leg of growth, he said.
“Pandenomics” has emerged, stated Pymnts.com, adding that pandenomics dictates that consumers make daily choices through the prism of how those choices might impact their health. “In other words, safety reigns supreme,” the news outlet said.