BROOKFIELD, Wis.—Financial institutions that take a “bold and comprehensive” approach to mobile image capture technology—beyond check deposit—will position themselves for growth in the future, according to a new white paper.
The paper also shares steps FIs need to take to effectively deploy image capture capability.
Fiserv’s report, "Banking in a Snap: Mobile Image Capture Can Transform Financial Services," emphasizes that mobile image capture for check deposits has become table stakes.
“With more than 90% of the nation's top 30 financial institutions currently offering mobile check deposit services, the technology has become relatively mainstream,” Fiserv said, adding that the technology has evolved. “It can now be used to capture data from bills, receipts, and other documents. Mobile capture services help meet consumers' expectations to complete financial transactions on their own, reducing the need for them to make a trip to a branch, while creating efficiencies for the financial institution.”
"Today's consumers are capturing every aspect of their lives using platforms such as Snapchat and Instagram, so it's only logical that they look to their financial institutions to provide these same type of capabilities for financial transactions," said Daniel Steere, director, mobile image capture, Fiserv. "Utilizing the photo and video capabilities of mobile devices to capture information can significantly streamline financial activities and promote consumer engagement."
For an optimal customer experience, financial institutions must have appropriate resources in place to support mobile capture technology, Fiserv emphasized. Special considerations should be made around authentication, choice of mobile platform, and image quality analysis systems.
“It is crucial that staff members are trained and that they understand how the technology works so they can answer questions and help customers utilize the capabilities,” said Fiserv. “Marketing initiatives are an equally integral component of a successful mobile capture program, with cross-channel promotion that includes videos proving to be most effective.”
Financial institutions that take a “bold and comprehensive” approach to mobile image capture technology will position themselves for positive results, said Fiserv.
“For example, customers can use a smartphone to take a photo of a bill and have the essential information automatically populated into the right bill payment fields so it's ready to pay—a fast and simple experience that is growing in adoption. Offering this functionality through Snap-to-Pay from Fiserv has helped Bank of the West drive mobile bill payment volume by 54% while enabling customers to add a bill in about 30 seconds,” the company stated.
The white paper can be downloaded here: www.fiserv.com/mobile-capture
Separately, Atlanta-based Georgia’s Own CU has expanded its relationship with Fiserv by selecting DNA(TM) and more than a dozen additional solutions to support the credit union's growth in new commercial services and lending markets. The technology from Fiserv will drive an enhanced member experience at the $1.9 billion credit union by streamlining operations and accelerating the speed-to-market cycle for new products and services, the company said.
By expanding its relationship with Fiserv the credit union gains a customizable, open-architecture technology foundation through DNA, enabling stronger integration of third-party solutions while supporting the development and launch of new products and services for its growing base of retail and business members. DNA also provides real-time processing with 360-degree views of member relationships to drive a more personalized experience for the approximately 185,000 members at Georgia's Own, according to Fiserv.