Five Predictions For Mobile In 2015

Mitek

SAN DIEGO—Expect more proximity marketing from FIs in 2015, but don’t expect digital wallets to take off next year.

Those are two predictions on mobile offered by a team of experts from U.S. Bank, FirstBank and Mitek, who are sharing five predictions into how the mobile banking landscape will change in the year ahead.

1. Mobile banking will save Americans 282-million hours in 2015.

According to Celent, the mobile user base will increase from 33-million this year to 47-million in 2015.

“We have found that the average consumers will deposit 18 checks annually, and in looking at a the average time it takes to travel to an ATM vs. make a mobile deposit, mobile banking will save users in North America approximately 282-million hours in 2015,” said Mitek CEO James DeBello.

2. Sixty-five percent of small business and 40% of corporations will adopt mobile deposit this year.

“From those commercial entities that currently bank online or via mobile, we expect approximately 65% of small businesses and 40% of corporations will use mobile RDC in 2015,” said DeBello. “The technology will provide access to fund quicker, better tracking of invoices/payments and reduce the risk of lost checks.”

3. Mobile imaging and proximity marketing will bring financial services to consumers exactly where and when they need it.

Several retailers have experimented with in-store beacons and pushing mobile offers to consumers, but in 2015 retailers will pair these technologies with new mobile imaging capabilities that will allow users to act on offers in the isle.

“For the first time, consumers will have the option to snap a picture to enroll in a loyalty program or credit card and this will open new doors for financial institutions,” explained DeBello. “We previously predicted that the number of accounts opened on mobile devices will double in 2015, but with proximity marketing, financial services will be able to reach consumers at the moment and location they want financing.”

4. Mobile wallets will prepare for takeoff in 2015 (but they won’t leave the tarmac).

“We may not see mass adoption of mobile wallets in 2015, but this will likely be a key year in getting merchants and consumers aware that this technology exists and the added value it can provide to everyone,” observed Jeff Kaufman, president of retail services at FirstBank. “As more payment capabilities are built in the wallets, we should see more merchants coming on board to accept the payments. With the introduction of CurrentC and Apple Pay you are seeing the larger brand name merchants getting involved.”

5. FIs will use mobile to push personalized service.

There will be continued growth in services optimized and delivered through the mobile channel, and a recognition by more banks that customers will continue to access banking services through multiple channels (mobile, online, call center, ATM, branches).

“While the customer experience becomes seamless across channels, I also expect consumers will begin to gravitate toward personalization, and predict more companies will also focus on customizing the user experience for the individual through mobile technologies,” said Niti Badarinath, SVP mobile banking and payments, U.S. Bank.

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Section: Standard
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Copyright Year: 2019
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